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      India's Financial Intelligence Unit Targets Offshore Cryptocurrency Platforms

      The Financial Intelligence Unit of India (FIU-IND) has issued non-compliance notices to 15 offshore cryptocurrency platforms for allegedly providing services to Indian users without proper registration. The platforms named include Weex, Blofin, Rezorex, Bitunix, DigiFinex, Toobit, XT.com, Latoken, WOO X, Pionex, ChangeNow, SimpleSwap, Fixedfloat, WhiteBIT, and Guardarian. This action is part of India's broader regulatory framework that has included cryptocurrency platforms under the Anti-Money Laundering Act since March 2023.

      Under this framework, any platform serving Indian customers must register with FIU-IND and adhere to user verification, record-keeping, and suspicious transaction reporting requirements, regardless of their physical presence in India. The FIU-IND has also cautioned the public about the high risks associated with cryptocurrency products and non-fungible tokens (NFTs), stating that trading losses may not be eligible for regulatory relief.

      This enforcement action follows reports of Indian users converting stablecoins, such as USDT, into gift cards through platforms based in Sweden, Germany, and Singapore to purchase everyday items like groceries and fuel in India. In December 2023, FIU-IND had previously issued notices to nine major offshore exchanges, including Binance, Kraken, and KuCoin, prompting Binance to complete its registration and pay a fine of 1.882 billion rupees.

      © 2026 KLEA News. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

      Source: KLEA News

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