India’s Regulatory Crackdown & What It Means for Exchanges
India’s Financial Intelligence Unit (FIU) has issued notices to 25 offshore crypto exchanges for failing to comply with the Prevention of Money Laundering Act (PMLA). The Economic Times+1 Exchanges such as BingX, LBank, CEX.IO, Poloniex, and others are among those flagged. TechCrunch+1
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India’s Financial Intelligence Unit (FIU) has issued notices to 25 offshore crypto exchanges for failing to comply with the Prevention of Money Laundering Act (PMLA). The Economic Times+1 Exchanges such as BingX, LBank, CEX.IO, Poloniex, and others are among those flagged. TechCrunch+1
Some exchanges have been ordered to withdraw their apps/websites in India. TechCrunch+1
For Indian users, this move underscores the risks of using platforms that aren’t registered or compliant. Regulatory pressure may lead to sudden access blocks or service restrictions.
Xoibit is built with compliance top of mind. We maintain local regulatory alignment, KYC, transaction reporting, and adherence to AML norms so that you can trade securely without surprises.
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