Overview
- FIU-IND issued Section 13 PMLA notices enabling audits, client identity checks, and suspicious transaction reporting, with penalties reported up to ₹1 lakh per breach.
- The director invoked Section 79(3)(b) of the IT Act to seek blocking of apps and URLs found to be operating illegally in India.
- Named platforms include Huione, Paxful, CEX.IO, LBank, BingX, CoinEx, Poloniex, BitMex, BTCC, Remitano, ProBit Global, AscendEx, Phemex, and CoinW, among others.
- Fourteen of the 25 exchanges together hold more than $9 billion in assets and recorded about $20 billion in 24-hour trading volume, according to CoinMarketCap data cited by outlets.
- Officials reiterated that crypto and NFTs are unregulated and risky, noting roughly 50 providers have registered with FIU-IND while many targeted offshore services remain accessible pending enforcement.