India -- Enforcement Actions Regulatory Overview
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Key Cryptocurrency Enforcement Actions in India (April 2023 - April 2026)
The most significant actions target major exchanges for anti-money laundering (AML) non-compliance under the Prevention of Money Laundering Act (PMLA) 2002, primarily by the Financial Intelligence Unit India (FIU-IND), with penalties, app blocks, and website restrictions. Below is a table of prominent cases from the last 3 years, focusing on high fines, large-scale blocks, and notable outcomes[1][2][3][4][6].
| Regulator | Entity Targeted | Violation Type | Penalty Amount | Date | Outcome | Source URL |
|---|---|---|---|---|---|---|
| FIU-IND | Binance | AML/PMLA non-compliance | $2 million (INR ~16.7 crore; highest AML fine in India) | June 2024 | Binance registered with FIU-IND and resumed operations in India in August 2024 | https://www.zigram.tech/cryptocurrency/binance-fined-2m-in-india/[4] |
| FIU-IND | KuCoin | AML/PMLA non-compliance | $41,000 | December 2023 | KuCoin settled fine, registered with FIU-IND; app removed from Apple App Store in India on Jan 10, 2024 | https://www.zigram.tech/cryptocurrency/binance-fined-2m-in-india/[4] |
| FIU-IND | 25 offshore exchanges (e.g., BingX, LBank, CoinW, ProBit Global, BTCC, AscendEX, Zoomex, Poloniex; 14 hold >$9B assets) | Failure to register under PMLA; AML non-compliance | Not specified individually (part of ~₹29 crore total penalties across cases) | October 2025 | Notices issued; ordered app/website blocks in India (most still accessible as of Oct 2025); URLs blocked via IT Ministry under Section 69A | https://techcrunch.com/2025/10/02/india-cracks-down-on-25-crypto-exchanges-including-bingx-lbank-coinw-over-compliance-failures/[1] https://fincrimecentral.com/india-crypto-money-laundering-crackdown/[3] https://charltonsquantum.com/india-crypto-crackdown-2025-fiu-blocks-exchanges/[6] |
| Enforcement Directorate (ED) | WazirX | Money laundering investigation | Assets frozen: INR 64.67 crore ( |
August 2022 (freezing; outside 3yr but ongoing) | Assets frozen; investigation continues (note: GST fine pre-2023) | https://www.zigram.tech/cryptocurrency/binance-fined-2m-in-india/[4] |
| FIU-IND / Authorities (aggregate) | Multiple non-compliant entities (63 crypto websites) | PMLA non-registration/compliance failures | Total penalties: ₹29 crore | Up to Nov 2025 | 63 websites blocked under IT Act Section 69A; 52 VDA providers registered overall | https://worldtradescanner.com/Crypto%20Fraud%20Reports%20in%20India%20Jump%208-Fold%20in%20Three%20Years.htm[2] |
| Enforcement Directorate (ED) | Various crypto cases (multiple entities) | Money laundering under PMLA | Assets seized/frozen: ~INR 41.9 billion | Ongoing (disclosed ~2025) | 29 arrests, 22 charges filed; 1 economic fugitive; supports broader crackdown | https://www.binance.com/en/square/post/33461262726257[5] |
Context: Since March 2023, VDA service providers must register with FIU-IND under PMLA, leading to ~50 registrations (e.g., Binance, Coinbase, KuCoin post-compliance) and rising suspicious transaction reports (1,343 in FY24 to 11,720 by Nov 2025)[1][2][7]. Earlier 2023 notices to 9 exchanges (e.g., Binance, KuCoin) set precedents for 2024-2025 actions[7]. No comprehensive list of all penalties exists in results; these highlight scale via fines, blocks, and registrations[2][4].
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This article was generated by Perplexity Sonar .
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