The financial intelligence unit – India (FIU IND) has issued notices for non-compliance to 25 offshore virtual digital asset service providers (VDA SPs) under the Prevention of Money Laundering Act (PML Act), 2002, thereby stepping up enforcement action against such entities.

These offshore VDA service providers include Cambodia-based Huione, Paxful (US), Changelly (Hong Kong), CEX.IO (UK), LBank (British Virgin Islands), Youhodler (Switzerland), and Coinex (Hong Kong).

Consequences of non-registration: App/URL takedown

Further, the director of FIU IND has also issued notices to these entities regarding the takedown of their applications/URLs from public access, as they have been found to be operating illegally in India without complying with the relevant provisions of the PML Act, 20

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