Weex, Blofin and 15 Crypto Platforms Face Access Blocks in…

Which Crypto Platforms Face Action In India? India’s Financial Intelligence Unit has issued non-compliance notices to 15 crypto platforms for allegedly operating in the country without meeting anti-money laundering requirements, putting the exchanges and service providers at risk of losing access to Indian users. The Financial Intelligence Unit-India, or FIU-IND, named Weex, Blofin, Rezorex, Bitunix, DigiFinex, Toobit, XT.com, Latoken, WOO X, Pionex, ChangeNow, SimpleSwap, FixedFloat, WhiteBIT and Guardarian. The agency also sought the removal of the platforms’ applications and website URLs from public access in India, saying they were providing virtual digital asset services without complying with obligations under the Prevention of Money Laundering Act. The action expands India’s enforcement campaign beyond the larger offshore exchanges targeted in earlier rounds and shows that smaller and mid-sized crypto platforms remain subject to the same registration requirements when serving Indian customers. The consequences could include app-store restrictions, website blocking and the loss of direct access to one of the world’s largest pools of crypto users unless the platforms move toward FIU registration. Why Does India Require Offshore Exchanges To Register? India extended its anti-money laundering and counter-financing of terrorism rules to virtual digital asset service providers in March 2023. The framework applies to both domestic and offshore companies if they provide services to Indian customers. Physical presence in India is not required for the rules to apply. Crypto companies serving the market are expected to register with FIU-IND, maintain transaction and customer records, conduct required compliance checks and report suspicious activity. That gives Indian authorities a route to pursue offshore platforms even when the companies have no local office or corporate entity in the country. The policy has already changed how major exchanges approach India. Binance returned to the market in 2024 after registering with FIU-IND and paying a penalty of INR 18.82 crore, approximately $2.25 million, over earlier anti-money laundering violations. Bybit temporarily restricted services for Indian users in January 2025 while completing its registration process before restoring full app access. Coinbase also resumed onboarding users in India after registering with the financial intelligence agency. Investor Takeaway India is treating offshore crypto access as an AML enforcement issue rather than waiting for a comprehensive crypto licensing regime. For exchanges, FIU registration is increasingly becoming the practical requirement for maintaining access to Indian customers. What Could The Crackdown Mean For Indian Crypto Users? The immediate risk is reduced access to the 15 named platforms if authorities succeed in removing their apps and blocking their websites. Users with funds on affected services could also face additional friction if a platform limits Indian operations while seeking compliance. Past cases suggest that restrictions do not necessarily mean a permanent market exit.