FIU-IND issued notices to 15 Virtual Digital Asset Service Providers (VDA SPs) for failing to comply with the Prevention of Money Laundering Act (PMLA), 2002. The Director of FIU-IND, acting under Section 13 of the PMLA, ordered the removal of their apps and URLs in India. The entities identified include Weex International Exchange LTD, BLF Global Limited (Blofin), RezorEx, Bitunix LLC, DigiFinex Ltd, Hopeful Technology Co.
Ltd (Toobit), Fibtc Ltd/XT TECHNICAL PTE. LTD (XT.com), LAtrade Ltd (Latoken), Wootech Limited (WOO X), Marketa Trading Inc (Pionex), CHN Group LLC (ChangeNow), SimpleSwap LTD, FFGX Group LLC (FixedFloat), UAB Clear White Technologies (WhiteBIT), and FinSeven CZ (Guardarian). These platforms were operating unlawfully in India without adhering to anti-money laundering regulations.
The FIU-IND brought these VDA SPs under India’s AML/CFT framework in March 2023, mandating registration and compliance with reporting, record-keeping, and other obligations under the PMLA. The agency warned that these platforms must register as reporting entities regardless of their physical presence in India. Additionally, FIU-IND cautioned the public about risks associated with unregulated crypto products and NFTs, emphasizing the lack of regulatory recourse for losses incurred.
Source: CNBC TV18
