India's Financial Intelligence Unit (FIU-IND), under the Ministry of Finance, has issued written warnings to 15 overseas Virtual Digital Asset Service Providers (VDA SPs) that have been operating without local registration and in violation of the country's Prevention of Money Laundering Act (PMLA). CryptoSlate reported that FIU-IND has ordered the blocking of their apps on app stores and access to their website URLs. The blocked entities include not only exchanges but also a wide range of swap platforms and on-ramp (fiat-to-crypto) services. Even if they are foreign entities or do not have an office in India, if they provide crypto-to-fiat exchange, crypto-to-crypto swap, custody, and transfer services to Indian residents, they must register with FIU-IND as a reporting entity.
