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India’s Financial Intelligence Unit, or FIU-IND, has sent written warnings to 15 overseas virtual digital asset service providers accused of violating the country’s anti-money laundering law and operating without local registration, while ordering app store removals and website URL blocks, CryptoSlate reported.
The affected firms include not only exchanges but also a large number of swap platforms and fiat-to-crypto on-ramp services. Even if an operator is incorporated overseas or has no office in India, it must register with FIU-IND as a reporting entity if it provides Indian residents with crypto-to-fiat exchange, crypto-to-crypto swap, custody, or transfer services.