India Cracks Down: 25 Offshore Crypto Exchanges Issued Notices by FIU
Regulation remains a strong theme. India’s Financial Intelligence Unit (FIU-IND) has issued notices to 25 offshore Virtual Digital Asset Service Providers (VDA SPs) for noncompliance, especially under anti-money laundering norms. The Economic Times
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Regulation remains a strong theme. India’s Financial Intelligence Unit (FIU-IND) has issued notices to 25 offshore Virtual Digital Asset Service Providers (VDA SPs) for noncompliance, especially under anti-money laundering norms. The Economic Times
Prominent names included in that list are exchanges like CEX.IO, BingX, and Huione. The Economic Times+1
This move signals that the government is increasingly serious about enforcement, even for platforms that primarily operate outside India. For Indian traders, it’s a reminder to favor exchanges that comply with local law and maintain clear registrations.
Advice for Xoibit’s Blog Readers:
- Highlight your compliance, KYC/AML processes, and regulatory adherence to build trust.
- Educate users on the risks of unregistered exchanges (e.g. sudden access blocks, fund loss).
- Monitor updates from FIU / RBI as these crackdowns could escalate or get more targeted.
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