Govt notice to 25 offshore crypto svcs cos for not complying with PMLA norms
This story was originally published at 19:45 IST on 1 October 2025
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NEW DELHI – Financial Intelligence Unit-India, a national agency under the finance ministry, issued notices to 25 offshore virtual digital asset providers, including British Virgin Islands-based LBank and BingX that feature among top 20 crypto exchanges in the world, for non-compliance with norms under the Prevention of Money Laundering Act.
The government has also instructed these entities to take down their applications/websites from public access in India, the finance ministry said in a release. The government had in 2023 brought virtual digital asset providers under the ambit of its law on money laundering.
"It must be mentioned that the crypto products and NFTs (non-fungible tokens) are unregulated and can be highly risky," the government cautioned in the press release. "There may be no regulatory recourse for any loss from such transactions." End
Reported by Krity Ambey
Edited by Akul Nishant Akhoury
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