Firms Face AML Compliance Action
New Delhi, September 9, 2026: Financial Intelligence Unit-India (FIU-IND) has issued notices to 15 Virtual Digital Assets Service Providers (VDA SPs) for allegedly failing to comply with anti-money laundering requirements under the Prevention of Money Laundering Act (PMLA).
The action covers entities involved in activities such as exchanging virtual digital assets with fiat currencies and transferring virtual digital assets. According to the Finance Ministry, VDA SPs operating in India, whether offshore or onshore, are required to register with FIU-IND as reporting entities and comply with the PMLA. These obligations are activity-based and do not depend on whether an entity has a physical presence in India.
The entities named in the compliance action include Weex International Exchange, BLF Global, Bitunix LLC, DigiFinex Ltd and FinSeven CZ.
The Director, FIU-IND, has also issued directions concerning the entities to take down applications and URLs that have been found to be operating illegally without complying with applicable PMLA provisions in India.
VDA service providers were brought under the country’s Anti-Money Laundering and Countering the Financing of Terrorism framework in March 2023.
The ministry has also reiterated its investor warning that crypto products and NFTs are unregulated and can carry significant risks, with limited or no regulatory recourse for losses arising from such transactions.
