India Moves to Block 15 Crypto Apps Over Compliance Concerns

India’s Financial Intelligence Unit has issued notices to 15 crypto providers for failing to comply with national anti money laundering regulations. The agency is now requesting that these platforms be removed from public access, targeting their websites and mobile applications. Among the companies named are Weex, Blofin, Bitunix, and several others that have been operating without the mandatory registration required for virtual asset services.

This move follows a 2023 mandate that requires all businesses offering crypto exchange, custody, or transfer services to register as reporting entities in India. The rules apply regardless of where a company is incorporated, meaning international firms are still expected to follow local reporting and record keeping laws. For now, the authorities have only requested that internet providers and app stores restrict access, but they have not provided a specific timeline for when these sites will go offline.

While the government has asked for these platforms to be blocked, it is not yet clear how this will affect existing user accounts or funds. There is currently no word on whether users will be able to withdraw their assets if access is cut off. Past enforcement actions in India have shown inconsistent results, as some sites remained partially accessible even after official blocking requests were issued.

Traders and investors should watch for any updates from these specific exchanges regarding their registration status. If these platforms do not find a way to comply with the Indian regulator, users may face significant difficulties accessing their accounts or moving their digital assets in the future.