"The Financial Intelligence Unit India (FIU-IND) issued notices to 25 crypto exchanges - including BingX, LBank, CoinW, ProBit Global, BTCC, AscendEX, Zoomex, and Poloniex - for failing to comply with the country's anti-money laundering rules, the Indian finance ministry said on Wednesday. The regulator also ordered the platforms to withdraw their apps and websites from public access in India. However, most remained accessible as of press time."
"Of the 25 exchanges, 14 together hold more than $9 billion in assets and recorded about $20 billion in trading volume over the past 24 hours, according to data from CoinMarketCap. The affected crypto exchanges including BingX, LBank, CoinW, and ProBit Global did not respond to requests for comments. While India does not have a dedicated regulatory framework for cryptocurrencies, the Indian finance ministry in March 2023 notified that virtual asset service providers would fall under the Prevention of Money Laundering Act of 2002."
FIU-IND issued notices to 25 offshore crypto exchanges, naming platforms such as BingX, LBank, CoinW, ProBit Global, BTCC, AscendEX, Zoomex and Poloniex, and ordered apps and websites withdrawn from public access in India. Most platforms remained accessible at press time. Fourteen of the 25 exchanges together hold over $9 billion in assets and reported about $20 billion in trading volume in the previous 24 hours. India applied the Prevention of Money Laundering Act of 2002 to virtual asset service providers in March 2023, requiring registration with FIU-IND and compliance with reporting obligations. At least 50 exchanges have registered; Binance, Coinbase and KuCoin completed registration while OKX exited the market.
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