On 1 October 2025 the Financial Intelligence Unit – India (FIU-IND) said it had issued non-compliance notices under Section 13 of the Prevention of Money Laundering Act (PMLA) to twenty-five offshore virtual digital asset (VDA) service providers. The press release listed firms that, according to the unit, were catering to Indian users without the mandatory FIU-IND registration that has applied to relevant crypto activity since March 2023. Names in the official table included Huione, Paxful, Changelly, CEX.IO, LBank, BingX, CoinEx, Poloniex, BitMEX, BTCC and Remitano, among others.
The same action package directed takedowns of apps and URLs from public access in India under Information Technology Act powers. FIU-IND also noted that about fifty VDA providers had already registered — so the notices were aimed at the remaining offshore desks still serving Indians outside the reporting net. Obligations are activity-based: physical offices in India are not required for the duty to register if the business is serving that market.
For users the practical lesson is blunt. A glossy international brand is not a substitute for checking whether the firm appears among FIU-IND’s registered reporting entities. VPN workarounds and “we’re based abroad so Indian law doesn’t apply” chat lines are marketing, not legal advice. If a platform you used is later named in an official notice, preserve statements, wallet addresses and chat logs, stop sending fresh deposits, and use the reporting paths on our help pages rather than anyone who suddenly offers to “unlock” a frozen account for a fee.
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This article is for general information only. It is not legal or financial advice. Details change. If you have lost money, contact your bank or card issuer and use the routes on the help pages.