India Cracks Down on Unregistered Offshore Crypto Platforms
India is cracking down on unregistered offshore cryptocurrency platforms. The Financial Intelligence Unit - India (FIU-IND) has issued notices to 25 firms, including CoinW, CEX.IO, BTCC, Paxful, and LBank, for violating anti-money laundering (AML) rules. Penalties could reach Rs 1 lakh per violation.
The FIU-IND is targeting offshore platforms serving Indian users, regardless of their physical location. Other firms warned include Huione, BingX, CoinEx, and AscendEx. India is tightening oversight, with 50 service providers already registered. However, many offshore firms continue to operate without compliance. The Finance Ministry warns retail users about the risks, as cryptocurrencies and non-fungible tokens lack regulatory protection. All virtual digital asset providers, including crypto-to-fiat exchanges and wallet operators, must register with the FIU-IND to avoid financial penalties and service removal.
India's move aims to protect users and enforce clearer boundaries for crypto market compliance. Offshore firms must now register with FIU-IND or face penalties. Retail users are advised to be cautious, as digital asset losses are not legally safeguarded.
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