🤩 India🇮🇳: Regulator bans 25 crypto exchanges for AML non-compliance

🤩 India🇮🇳: Regulator bans 25 crypto exchanges for AML non-compliance

Anti-money laundering measures targeting offshore platforms are being enforced amid the tightening political stance of Indian authorities.

➡️ Although India still lacks a comprehensive framework for digital assets, the Ministry of Finance in March 2023extended the scope of the Prevention of Money Laundering Act (PMLA) of 2002 to include virtual asset service providers (VASPs).

➡️ Major exchanges affected by the ban include Huione🇨🇳, BingX🇸🇬, LBank🇭🇰, CoinW🇻🇨, ProBit Global🇰🇷, and Paxful🇺🇸.

➡️ India’s Financial Intelligence Unit (FIU-IND) has ordered all 25 companies to take down their apps and websites, blocking public access due to their failure to comply with AML obligations.

➡️ Context: According to CoinMarketCap, the banned platforms collectively manage billions of dollars in user assets, with 14 of them generating a combined trading volume exceeding USD 22 billion in the past 24 hours.

➡️ Additional context: Between June 2024 and June 2025, total cryptocurrency transaction volume across India and the Asia-Pacific region surged from USD 1.4 trillion to USD 2.36 trillion. In such a vast and fast-growing market, regulatory friction is almost inevitable — particularly as India continues to operate under partial oversight rather than a comprehensive crypto law.

#news #India #crypto #Asia

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