India has intensified regulatory enforcement by targeting 25 cryptocurrency exchanges, including prominent platforms like BingX, LBank, and CoinW, for failing to comply with anti-money laundering (AML) regulations. The Financial Intelligence Unit India (FIU-IND) issued formal notices demanding these exchanges register and adhere to reporting requirements under the Prevention of Money Laundering Act (PMLA) of 2002, which governs virtual asset service providers in India. The government also ordered these platforms to withdraw their websites and apps from public access in India, although many remained accessible at the time of reporting. Collectively, 14 of these exchanges hold over $9 billion in assets and have recorded about $20 billion in trading volume in the last 24 hours, underscoring the scale of the crackdown[1].
This move comes amid increasing concerns about the security...
This move comes amid increasing concerns about the security and regulatory oversight of crypto platforms in India. The government has not yet established a dedicated crypto regulatory framework but has been enforcing compliance through existing AML laws since March 2023. The crackdown targets offshore crypto platforms that have amassed billions in assets but have not registered with Indian authorities, creating potential risks related to money laundering and illicit financial activities[1].
In parallel, Indian law enforcement agencies are also invest...
In parallel, Indian law enforcement agencies are also investigating security breaches affecting local crypto exchanges. Notably, Delhi police filed a case against Coinsecure following the theft of 438 BTC (worth approximately $2.8 million) in April, with indications that the breach involved an inside job linked to the company's chief security officer. Authorities are collaborating internationally, including with Interpol, to trace the stolen funds as they moved through multiple exchanges[2].
Other significant security incidents in the Indian crypto sp...
Other significant security incidents in the Indian crypto space include a $44 million hack at CoinDCX, where the breach was contained quickly with customer funds secured in cold wallets, and a massive $230 million security breach at WazirX, one of India’s largest exchanges, which led to a temporary halt on withdrawals. These incidents highlight the ongoing challenges exchanges face in securing user assets and maintaining trust[3][4].
This wave of regulatory action and heightened security scrut...
This wave of regulatory action and heightened security scrutiny reflects India’s efforts to impose greater discipline on its rapidly expanding crypto ecosystem while addressing concerns over fraud, theft, and compliance failures. The government’s firm stance signals its intent to bring greater transparency and accountability to crypto trading and operations within its jurisdiction[1][2][3][4].
🔄 Updated: 10/2/2025, 1:30:36 PM
India’s targeting of 25 offshore crypto exchanges for AML breaches has rattled the market, triggering cautious sentiment among investors. While specific stock price movements for these exchanges are unavailable due to their offshore nature, local retail investors have reacted with panic selling, causing major cryptocurrencies like Bitcoin and Ethereum to fall by as much as 15% on Indian exchanges[4][3]. The regulatory crackdown has underlined increasing government scrutiny, amplifying concerns over the sector’s stability in India.
🔄 Updated: 10/2/2025, 1:40:36 PM
India’s Financial Intelligence Unit (FIU-IND) has issued notices to 25 offshore crypto exchanges, including CoinEx, BingX, PrimeXBT, and BitMex, for failing to comply with anti-money laundering (AML) regulations. These platforms have been warned to register under the Prevention of Money Laundering Act (PMLA), 2002, or face being blocked from operating in India, reflecting the government’s intensified crackdown on unregulated digital asset providers[3].
🔄 Updated: 10/2/2025, 1:50:34 PM
**Breaking News Update**: India's Financial Intelligence Unit (FIU-IND) has issued stern warnings to 25 offshore cryptocurrency exchanges, including major players like **CoinEx**, **BingX**, and **PrimeXBT**, for failing to comply with anti-money laundering regulations under the Prevention of Money Laundering Act (PMLA). The move could lead to the blocking of these platforms' access in India if they do not register, impacting an estimated **tens of thousands** of Indian users who rely on these exchanges for digital asset transactions. This enforcement marks a significant escalation in India's regulatory crackdown on the crypto sector, following similar actions against exchanges like Binance and KuCoin nearly two years ago.
🔄 Updated: 10/2/2025, 2:00:42 PM
India has targeted 25 cryptocurrency exchanges following a series of high-profile breaches, including the recent $44 million hack at CoinDCX, the country's largest crypto platform. Authorities, working with India's CERT-In and international agencies like Interpol, are intensifying investigations to trace stolen funds and enhance regulatory oversight amid 2025's crypto thefts surpassing $2.17 billion globally[1][2][3][4]. CoinDCX has also launched an $11 million bounty program offering up to 25% of recovered funds as a reward for tracing the stolen assets[4].
🔄 Updated: 10/2/2025, 2:10:40 PM
India's Financial Intelligence Unit (FIU-IND) has issued notices to 25 offshore cryptocurrency exchanges, including major players like Huobi and Paxful, for operating without mandatory registration under the Prevention of Money Laundering Act (PMLA), prompting ordered takedowns of their apps and URLs in India[3]. This crackdown is accelerating consolidation in the Indian crypto exchange landscape, with smaller and offshore platforms exiting or merging due to regulatory and taxation pressures, while domestic exchanges push for regulatory clarity and compete amid rising cybersecurity mandates and a harsh 30% tax regime[1][2]. Industry insiders like Ashish Singhal of CoinSwitch emphasize readiness to comply, signaling a shift towards a more regulated and security-focused competitive environment[2].
🔄 Updated: 10/2/2025, 2:20:48 PM
**Breaking News Update:** India's Financial Intelligence Unit (FIU-IND) has issued notices to 25 offshore cryptocurrency exchanges, including CoinEx and BingX, for failing to comply with anti-money laundering (AML) rules. These exchanges face potential market blockage unless they register under the Prevention of Money Laundering Act (PMLA) by the specified deadline, highlighting India's strict stance on digital asset regulation. The crackdown reflects a broader push by Indian regulators to ensure that virtual digital asset service providers operate within a regulated framework.
🔄 Updated: 10/2/2025, 2:31:03 PM
India’s targeting of 25 crypto exchanges for anti-money laundering (AML) breaches has sparked significant public concern, with many users expressing fear over losing access to popular platforms like CoinEx and BingX. Investors have voiced frustration over repeated security lapses, citing heavy losses such as CoinDCX’s $44.2 million hack in July 2025 and the $230 million breach of WazirX in 2024, which have collectively shaken confidence in India’s crypto ecosystem. Consumer advocates are calling for stricter regulatory enforcement and enhanced security measures to restore trust, as digital asset crimes now constitute about 25% of India’s cyber offenses[1][3].
🔄 Updated: 10/2/2025, 2:40:46 PM
India's targeting of 25 offshore crypto exchanges for AML breaches triggered a sharp market reaction, with major cryptocurrencies such as Bitcoin and Ethereum dropping by up to **15% on local exchanges** amid investor uncertainty[4]. Retail investors, estimated at 15–20 million in India holding about Rs 6 lakh crore in crypto assets, rushed to sell amid fears of stricter regulations or a potential ban[4]. No specific stock prices related to crypto firms were reported, but the overall market sentiment turned bearish following the Financial Intelligence Unit’s enforcement notices[1][3].
🔄 Updated: 10/2/2025, 2:50:54 PM
India’s targeting of 25 offshore crypto exchanges for anti-money laundering breaches triggered notable market jitters, especially in Indian crypto retail circles holding Rs 6 lakh crore in assets, prompting panic selling. While major exchanges like BingX and LBank face show-cause notices, regulatory fears contributed to a dip in crypto trading volumes locally; however, specific public stock price movements of related companies or exchanges were not reported in the available data. Industry insiders report daily investor anxiety messages amid concerns over stricter enforcement and potential access blocks if compliance is not met[1][3][4].
🔄 Updated: 10/2/2025, 3:01:02 PM
India’s Financial Intelligence Unit (FIU-IND) issued notices on October 2, 2025, to 25 offshore cryptocurrency exchanges—including BingX, Huione, Paxful, and BitMex—for failing to comply with the country’s anti-money laundering (AML) regulations under the Prevention of Money Laundering Act (PMLA), and ordered the removal of their applications and URLs from Indian cyberspace[1][3]. “These obligations are activity-based and are not contingent on the physical presence of the entity in India,” emphasized a finance ministry statement, underscoring that any platform serving Indian users must register with FIU-IND and adhere to strict reporting, record-keeping, and KYC requirements, regardless of jurisdiction
🔄 Updated: 10/2/2025, 3:11:11 PM
India's Financial Intelligence Unit (FIU) has issued show-cause notices to 25 offshore crypto exchanges, including BingX, LBank, and CoinW, for failing to comply with anti-money laundering (AML) regulations under the Prevention of Money Laundering Act (PMLA). Of these, 14 operate with assets exceeding $9 billion, raising concerns about illicit flows; non-compliance may result in URL blocks and legal actions[1]. Additionally, the FIU now mandates all Virtual Digital Asset Service Providers to submit cybersecurity audit certificates from CERT-In empanelled auditors to enhance platform security amid rising cyberattacks[2][3].
🔄 Updated: 10/2/2025, 3:21:18 PM
India's Financial Intelligence Unit (FIU) has issued show-cause notices to 25 offshore crypto exchanges, including BingX, LBank, and CoinW, for failing to comply with anti-money laundering (AML) rules under the Prevention of Money Laundering Act (PMLA). Fourteen of these exchanges collectively manage over $9 billion in assets and risk URL blocks in India if they do not register as Virtual Digital Asset Service Providers (VDASPs) as mandated since March 2023[1][3]. In a related move, FIU has also mandated all VDASPs to submit cybersecurity audit certificates from CERT-In empanelled auditors to combat recent high-profile crypto hacks, adding a layer of security oversight to complianc
🔄 Updated: 10/2/2025, 3:31:45 PM
The Indian government has escalated its global crackdown on unregistered crypto exchanges, issuing compliance notices to 25 offshore platforms—including BingX, LBank, CoinW, and ProBit Global—on October 2, 2025, for failing to meet anti-money laundering rules under the Prevention of Money Laundering Act[1][3]. Notably, 14 of these exchanges collectively hold over $9 billion in assets and processed approximately $20 billion in trades in the past 24 hours, highlighting the scale of Indian crypto activity flowing through unregulated, cross-border venues[1][3]. International observers and financial crime regulators are closely monitoring the move, with early responses from the Financial Action Task Force (FATF) urging tighter global coordination on
🔄 Updated: 10/2/2025, 3:41:28 PM
India's Financial Intelligence Unit (FIU) has issued show-cause notices to 25 offshore crypto exchanges, including BingX, LBank, and CoinW, for failing to comply with anti-money laundering regulations under the Prevention of Money Laundering Act (PMLA) as of October 2, 2025[1][3]. These exchanges collectively manage over $9 billion in assets and have operated without mandatory FIU registration, risking URL blocks and takedowns if non-compliance persists[1][3]. This move forms part of intensified regulatory enforcement efforts since March 2023, aiming to enforce strict KYC, transaction reporting, and cybersecurity audit requirements for Virtual Digital Asset Service Providers in India[1][2].
🔄 Updated: 10/2/2025, 3:51:25 PM
India's crackdown on 25 offshore crypto exchanges for anti-money laundering breaches has stirred mixed public reactions, with many investors expressing increased caution about platform security and regulatory compliance. Some consumers welcomed the move as necessary to protect the $9 billion in assets managed by these exchanges, while others voiced frustration over potential service disruptions and uncertainty, especially after the $235 million hack of a major Indian crypto exchange heightened fears about security vulnerabilities[1][2]. Industry commentators have noted the government's firm stance may restore trust long term, but users currently face anxiety over access and the safety of their investments[3].