India’s Financial Intelligence Unit has issued notices to 15 offshore digital asset platforms, expanding its efforts to enforce anti-money-laundering rules and curb illicit cross-border crypto transactions.
India’s Financial Intelligence Unit has stepped up pressure on offshore crypto platforms, issuing non-compliance notices to 15 virtual digital asset service providers that it says have been serving Indian customers without meeting local anti-money-laundering rules. The move underscores how New Delhi is tightening oversight of digital-asset businesses that operate from outside the country but still reach Indian users.
According to the Economic Times, the notices were issued under the Prevention of Money Laundering Act, which brought virtual digital asset service providers into the anti-money-laundering framework in March 2023. The latest action follows earlier enforcement against larger offshore exchanges and suggests the regulator is widening its focus beyond the best-known brands.
The companies named include Weex, Blofin, Rezorex, Bitunix, DigiFinEx, Toobit, XT.com, Latoken, WOO X, Pionex, ChangeNow, SimpleSwap, FixedFloat, WhiteBIT and Guardarian. Crypto Times reported that the same order also directs internet intermediaries to remove the applications and web addresses of the flagged platforms from public access, although that detail has not been independently confirmed in the material supplied.
The crackdown comes amid growing concern in India over how stablecoins and other crypto assets move across borders. The Economic Times has reported that some users have been shifting stablecoins such as USDT through exchanges in other jurisdictions and then converting them into gift cards used for everyday purchases in India, a practice that can make transactions harder for authorities to trace. FIU-IND has also warned users that crypto products and non-fungible tokens are unregulated and do not carry the same protections as formal financial instruments.
This is not India’s first move against foreign exchanges. In late 2023, the FIU issued notices to nine offshore platforms, including Binance, Kraken and KuCoin, and sought restrictions on non-compliant services. Binance later registered with the regulator and paid a penalty for anti-money-laundering breaches. More recently, Crypto Times said 49 exchanges had completed FIU registration by January 2026, with 45 based in India and four offshore, showing that much of the sector is now operating within the country’s reporting regime.
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