Offshore encryption platforms with billions of dollars in assets are in the Crosshairs of the Indian government, as the government’s economic guard moves against 25 exchanges because it failed to register and comply with obligations against money laundering.
The India Financial Information Unit (FIU-inde) issued Alerts to 25 encryption exchanges-including Bingx, LBank, Coinw, Probit Global, BTCC, Ascendex, Zoomex, CEX.IO and Poloniex-for receipt of compliance with the rules against money laundering from illegal activities, said the Indian finance ministry. The regulatory authority also ordered the platforms to withdraw their applications and websites from public access to India. However, most remained accessible from the press time.
Out of 25 exchanges, 14 together have more than $ 9 billion in assets and recorded about $ 20 billion in a volume of trading over the past 24 hours, according to Coinmarketcap data.
“We are in the research process and we will surely ask and explain our position to the regulator about this notice,” said Mark Taylor, head of financial crime at CEX.IO, in a statement sent to TechCrunch. “We are actively considering trails to ensure alignment with India’s regulatory requirements and any required registration with the Indian authorities to ensure the long -term accessibility for our users in the area.”
Taylor noted that no immediate changes to the platform for its users in India have been applied.
“However, given the FIU command, we encourage customers to keep careful in formal communications by both the regulators and the CEX.IO about possible restrictions on access, local payment channels or applications.
Other encryption exchanges, such as Bingx, Lbank, Coinw and Probit Global, did not respond to comments.
TechCrunch event
Francisco
|
27-29 October 2025
While India does not have a specific regulatory framework for cryptocurrencies, the Indian Ministry of Finance in March 2023 informed that the providers of virtual assets would fall within the prevention of the 2002 illegal activities law.
India’s Ministry of Finance said at least 50 encryption exchanges have so far been registered with the Observer against India’s illegal activities, which has previously taken action Against the big platforms such as binance, coinbase, Kucoin and OKX. The OKX exited the Indian market last year, while Binance, Coinbase and Kucoin have registered Fiu in recent months to continue business.
Binance restarted India businesses in August 2024, while Coinbase repeated India earlier this year. Recently, Coinbase also started an early access program For Indian users who had already registered, although the exchange services are not yet fully operational in the country.
