An offshore crypto platform with billions of dollars is on the crosshairs of the Government of India as government financial watchdogs move to 25 exchanges to not comply with anti-money laundering obligations.
Financial Information Unit India (FIU-IND) has issued 25 crypto exchanges including Bingx, Lbank, Coinw, Probit Global, BTCC, Ascendex, Zoomex, Cex.io, Poloniex, and more. The regulator has also ordered the platform to withdraw its apps and websites from public access in India. However, most remained accessible at press time.
Of the 25 exchanges, 14 have more than $9 billion in assets, recording trading volumes of around $20 billion over the past 24 hours, according to CoinmarketCap data.
“We are involved in the research process and will ask and explain our position to the regulator regarding this notice,” Mark Taylor, director of financial crimes at CEX.IO, said in a statement emailed to igcurrencynews. “We are actively investigating India’s regulatory requirements and pathways to ensure the required registration with Indian authorities to ensure long-term accessibility of local users.”
Taylor pointed out that no immediate changes were implemented on the platform for Indian users.
“However, given FIU orders, we encourage customers to pay attention to official communications from both regulators and cex.io regarding possible restrictions on access, local payment channels, or app availability. If there is an impact on your account or service, we will communicate transparently and provide guidance on the next steps.
Other affected crypto exchanges, including Bingx, Lbank, Coinw, and Probit Global, did not respond to requests for comment.
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Although India does not have a dedicated regulatory framework for cryptocurrencies, in March 2023, India’s Ministry of Finance notified that virtual asset service providers fall under the Money Laundering Act of 2002.
The Indian Ministry of Finance says that at least 50 crypto exchanges have so far been registered with India’s anti-money laundering watchdog and have previously taken action against major platforms such as Binance, Coinbase, Kucoin and OKX. OKX left the Indian market last year, but Binance, Coinbase and Kucoin have registered with FIU in recent months and resumed operations.
Binance resumed its Indian business in August 2024, and Coinbase re-entered India earlier this year. Recently, Coinbase launched an early access program for Indian users who have already signed up, but the exchange’s services are not yet fully operational.
