India Cracks Down On 25 Crypto Exchanges Including Bingx, Lbank, Coinw Over Compliance Failures

Offshore crypto platforms pinch billions of dollars successful assets are successful nan Indian government’s crosshairs, arsenic nan government’s financial watchdog moves against 25 exchanges for failing to registry and comply pinch anti-money laundering obligations.

The Financial Intelligence Unit India (FIU-IND) issued notices to 25 crypto exchanges — including BingX, LBank, CoinW, ProBit Global, BTCC, AscendEX, Zoomex, and Poloniex — for failing to comply pinch nan country’s anti-money laundering rules, nan Indian finance ministry said connected Wednesday. The regulator besides ordered nan platforms to retreat their apps and websites from nationalist entree successful India. However, astir remained accessible arsenic of property time.

Of nan 25 exchanges, 14 together clasp much than $9 cardinal successful assets and recorded astir $20 cardinal successful trading measurement complete nan past 24 hours, according to information from CoinMarketCap.

The affected crypto exchanges including BingX, LBank, CoinW, and ProBit Global did not respond to requests for comments.

While India does not person a dedicated regulatory model for cryptocurrencies, nan Indian finance ministry successful March 2023 notified that virtual plus work providers would autumn nether nan Prevention of Money Laundering Act of 2002. This made it mandatory for crypto exchanges serving Indian users to registry pinch nan FIU-IND and comply pinch its reporting and compliance requirements.

The Indian finance ministry has stated that astatine slightest 50 crypto exchanges person truthful acold registered pinch India’s anti-money laundering watchdog, which has previously taken action against awesome platforms specified arsenic Binance, Coinbase, KuCoin and OKX. OKX exited nan Indian market past year, whereas Binance, Coinbase and KuCoin registered pinch nan FIU successful caller months to resume operations.

Binance restarted its India operations successful August 2024, while Coinbase re-entered India earlier this year. Recently, Coinbase besides launched an early-access program for Indian users who had already signed up, though nan exchange’s services are not yet afloat operational successful nan country.