New Delhi : The Financial Intelligence Unit-India (FIU-IND) has issued notices to 15 Virtual Digital Asset Service Providers (VDA SPs) for non-compliance with obligations under the Prevention of Money Laundering Act, 2002 (PMLA).
The notices have been issued by the Director, FIU-IND, under Section 13 of the PMLA as part of compliance action against entities found to be operating in India without meeting the applicable anti-money laundering requirements.
The 15 entities named in the action are:
| No. | Trade Name | Entity Name |
|---|---|---|
| 1 | Weex | Weex International Exchange LTD |
| 2 | Blofin | BLF Global Limited |
| 3 | Rezorex | RezorEx |
| 4 | Bitunix | Bitunix LLC |
| 5 | DigiFinex | DigiFinex Ltd |
| 6 | Toobit | Hopeful Technology Co. Ltd. |
| 7 | XT.com | Fibtc Ltd / XT TECHNICAL PTE. LTD. |
| 8 | Latoken | LAtrade Ltd |
| 9 | WOO X | Wootech Limited |
| 10 | Pionex | Marketa Trading Inc. |
| 11 | ChangeNow | CHN Group LLC |
| 12 | SimpleSwap | SimpleSwap LTD |
| 13 | Fixedfloat | FFGX Group LLC |
| 14 | WhiteBIT | UAB Clear White Technologies |
| 15 | Guardarian | FinSeven CZ |
In a parallel action, the Director, FIU-IND, acting as the nodal officer under Section 79(3)(b) of the Information Technology Act, 2000, read with Rule 3(1)(d) of the Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Amendment Rules, 2025, has issued notices concerning the above entities for the takedown of their applications and URLs from public access.
VDA Service Providers Under AML/CFT Framework
Virtual Digital Asset Service Providers were brought under India’s Anti-Money Laundering/Counter Financing of Terrorism (AML/CFT) framework in March 2023. VDA SPs operating in India—whether onshore or offshore—are required to register with FIU-IND as Reporting Entities when they undertake specified activities involving virtual digital assets.
These activities include exchange between virtual digital assets and fiat currencies, transfers of virtual digital assets, and safekeeping or administration of virtual digital assets or instruments enabling control over such assets.
The compliance requirements include registration with FIU-IND, reporting of prescribed transactions, record-keeping and other obligations under the PMLA and rules framed under it. Importantly, these obligations are activity-based and do not depend on whether a service provider has a physical presence in India.
The FIU-IND action underscores the government’s efforts to bring virtual digital asset activities within the country’s AML/CFT compliance framework and prevent digital-asset platforms from being used for money laundering and other financial crimes.
The authorities have also cautioned the public that crypto products and NFTs remain unregulated and can involve significant risks. Investors may have limited or no regulatory recourse in the event of losses arising from such transactions.