India Flags 15 Crypto Platforms Over AML Lapses
India brought virtual digital asset service providers under its anti-money laundering and counter-terrorism financing regime in March 2023. Platforms serving Indian customers, whether based onshore or offshore, must register with the Financial Intelligence Unit-India, or FIU-IND, keep records and meet reporting obligations under the Prevention of Money Laundering Act, 2002. Earlier enforcement prompted Binance to pay a 188.2 million-rupee ($2.25 million) penalty before returning to the market.
India’s Finance Ministry said on Sept. 9, 2026, that FIU-IND had issued non-compliance notices under Section 13 of the law to 15 platforms, including Weex, Blofin, Bitunix, DigiFinex, WOO X and WhiteBIT. The agency also sought the removal of the companies’ apps and URLs from public access, saying they were operating illegally without meeting PMLA requirements. No financial penalties were announced in the latest action, while authorities reiterated that crypto products and NFTs remain unregulated in India.
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The history behind this eventSouth Korea Fines Crypto Exchange Coinone $3.5 Million for Anti-Money Laundering Violations
Coinone is South Korea’s third-largest cryptocurrency exchange. Under the Act on Reporting and Using Specified Financial Transaction Information, operators must verify customers’ identities, restrict trading by users who have not completed verification and refrain from dealing with unreported overseas virtual-asset service providers. The rules are a key safeguard against money laundering and the flow of criminal funds into crypto markets.
The Korea Financial Intelligence Unit (FIU), under South Korea’s Financial Services Commission, decided on April 13, 2026, to fine Coinone 5.2 billion won, or about $3.5 million, and ordered a partial business suspension from April 29 to July 28. Its investigation found about 70,000 violations involving customer verification and trading restrictions, as well as 10,113 asset transfers involving 16 unregistered overseas exchanges.
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