Overview

• The Financial Intelligence Unit–India issued Section 13 PMLA notices to 25 offshore virtual asset providers for operating without required registration.
• Authorities invoked the Information Technology Act, including Section 79(3)(b), to direct blocking of the named platforms’ websites and apps in India.
• Exchanges identified in the action include Huione, Paxful, CEX.IO, LBank, BingX, CoinEx, Poloniex, BitMex, BTCC, and Remitano.
• Officials said 50 service providers have registered with FIU-IND as reporting entities with duties covering KYC, record-keeping, transaction monitoring, and suspicious-transaction reporting.
• The government warned investors that cryptocurrencies and NFTs remain unregulated with no assured recourse for losses, and observers say offshore firms may now opt to register or exit the market.