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    25 offshore crypto exchanges face govt action, including Huione, CEX.IO, BingX

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    By Martin Shwenk Leade

    Copyright indiatimes

    25 offshore crypto exchanges face govt action, including Huione, CEX.IO, BingX

    ReutersRepresentational image.

    India’s financial watchdog launched a fresh crackdown on cryptocurrency platforms on Wednesday, issuing notices to 25 offshore Virtual Digital Asset Service Providers (VDA SPs) for failing to comply with the country’s anti–money laundering laws. The Financial Intelligence Unit – India (FIU-IND) said the firms were catering to Indian users without registering under the Prevention of Money Laundering Act (PMLA), 2002, a legal requirement since March 2023. The action was taken under Section 13 of the Act. Among those named are several global exchanges, including Huione, Paxful, CEX.IO, LBank, BingX, CoinEx, Poloniex, BitMex, BTCC, and Remitano. FIU-IND has also directed these companies to block access to their websites and mobile applications in India under provisions of the Information Technology Act, 2000, citing illegal operations.According to a press release, while 50 VDA service providers have so far registered with FIU-IND, several offshore firms continue to serve Indian investors without approval, keeping them outside the anti-money laundering and counter-terror financing framework. All such service providers — whether operating from within India or abroad — are required to register as reporting entities and comply with obligations such as record-keeping, transaction monitoring, and customer verification.Add as a Reliable and Trusted News Source Add Now!
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    (You can now subscribe to our Economic Times WhatsApp channel)Read More News onmoney laundering lawsVirtual Digital Asset Service ProvidersIndiaFinancial Intelligence Unitcryptocurrency platformsHuionePaxfulCEX.IO(Catch all the Business News, Breaking News, Budget 2025 Events and Latest News Updates on The Economic Times.) Subscribe to The Economic Times Prime and read the ET ePaper online….moreless

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