India's Financial Intelligence Unit (FIU-IND) has issued compliance notices to 15 virtual digital asset service providers for allegedly violating the country's anti-money laundering framework. The action targets both offshore and onshore crypto entities operating without proper registration under the Prevention of Money Laundering Act (PMLA), 2002. According to The Economic Times, FIU-IND has directed action to take down the applications and URLs of these entities from public access, invoking its powers as the nodal authority under the Information Technology Act and related intermediary rules.
The platforms named in the notices include Weex, Blofin, Rezorex, Bitunix, DigiFinex, Toobit, XT.com, Latoken, WOO X, Pionex, ChangeNow, SimpleSwap, FixedFloat, WhiteBIT and Guardarian. As reported by The Economic Times, these offshore exchanges were operating from various jurisdictions worldwide but actively solicited Indian users without ensuring compliance with Indian financial laws. The action underscores the government's increasing scrutiny of offshore crypto platforms serving Indian users without meeting domestic compliance requirements.
According to the company, Changelly has been operating as an instant crypto exchange since 2015, serving a 12 million user base worldwide. The platform supports 1,200+ cryptocurrencies across 200+ blockchains and offers multiple services including instant crypto-to-crypto swaps, fiat purchases through 20+ payment methods, and a DeFi service launched in April 2026. However, the latest FIU-IND action highlights that many offshore platforms, including Changelly, were operating without proper registration under Indian financial laws.
Virtual digital asset service providers were brought under the AML framework in March 2023, with requirements applying irrespective of whether a platform has a physical presence in India. Under the PMLA framework, these providers are required to register with FIU-IND and comply with reporting, record-keeping and other anti-money laundering and counter-terrorism financing obligations. In 2025, notices were issued to 25 offshore cryptocurrency exchanges for non-compliance under the PMLA, with platforms including Huione, Paxful, Changelly and BitMex among those targeted for serving Indian users without proper registration.
As reported by the company, Changelly charges a 0.25% service fee on floating-rate swaps, which tracks live market rates until execution. The platform's model keeps user funds moving directly from sender wallets through liquidity partners to destination addresses without holding funds on its own balance sheet. Changelly has expanded its partner network to 840+ wallets, exchanges, and fintech platforms, with some partners like Trezor running Changelly's swap API since 2019. The company maintains a clean track record since launching in 2015, with no reported security breaches involving stolen user funds and no compromised user data.
