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Outbyte PC Repair FREEClear out junk files and repair common Windows errorsFree Scan →Outbyte Driver Updater FREEFix the driver behind crashes, sound loss and screen glitchesFind Drivers →India’s Ministry of Finance said on 1 October 2025 that the Financial Intelligence Unit-India (FIU-IND) had issued compliance notices to 25 offshore virtual digital asset service providers, including BingX, LBank and CoinW. The Ministry also said it had issued notices concerning the takedown of the listed providers’ apps and URLs from public access in India. Those announcements describe regulatory action—not a final penalty against every exchange or proof that every service became inaccessible.
Which crypto exchanges did India name?
The Ministry’s 1 October 2025 release listed these 25 offshore providers:
- Huione
- BC.game
- Paxful
- Changelly
- CEX.IO
- LBank
- YouHodler
- BingX
- PrimeXBT
- BTCC
- CoinEx
- Remitano
- Poloniex
- BitMEX
- Bitrue
- LCX
- ProBit Global
- BTSE
- HitBTC
- LocalCoinSwap
- AscendEX
- Phemex
- Zoomex
- CoinCola
- CoinW
The Ministry said the notices were issued under Section 13 of the Prevention of Money Laundering Act, 2002 (PMLA), for non-compliance with applicable requirements. It also said FIU-IND’s Director had issued notices concerning takedown of the listed entities’ applications and URLs from public access in India. The release does not report a final adjudication or penalty for each provider. Ministry of Finance, 1 October 2025
Why did offshore exchanges receive notices?
India’s Ministry of Finance says virtual digital asset service providers (VDA SPs) were brought within the country’s anti-money-laundering and countering-the-financing-of-terrorism framework in March 2023. Under the Ministry’s description, a provider’s obligations depend on the activities it performs in India—not on whether it has a physical office there.
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Activities cited by the Ministry include exchanging virtual assets and fiat currency, transferring virtual assets, and safekeeping or administering virtual assets. Providers carrying out covered activities in India, whether onshore or offshore, must register with FIU-IND as reporting entities and comply with PMLA duties. Ministry of Finance, 1 October 2025
The Ministry reported that 50 VDA SPs had registered with FIU-IND as of its October 2025 release. That is a dated total, not a current count or a platform-by-platform account of registration status.
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How the enforcement actions developed
The October 2025 notices followed an earlier action and were followed by another announced round. The releases show a continuing enforcement pattern, but do not establish that every provider faced identical circumstances or consequences.
| Date | Providers named | What the official release said |
|---|---|---|
| 28 December 2023 | 9 | FIU-IND announced show-cause notices to Binance, KuCoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global and Bitfinex, and said it had written to the Ministry of Electronics and Information Technology to block their URLs. The release reported 31 VDA SPs registered at that time. Ministry of Finance, 28 December 2023 |
| 1 October 2025 | 25 | The Ministry announced Section 13 notices for non-compliance and notices concerning takedown of the listed apps and URLs from public access in India. It reported 50 registered VDA SPs as of that release. Ministry of Finance, 1 October 2025 |
| 9 September 2026 | 15 | The Ministry announced notices to 15 further VDA SPs under Section 13 and reiterated the activity-based registration and reporting framework. The release does not state the current registration or service status of each provider named in 2025. Ministry of Finance, 9 September 2026 |
Does this mean BingX, LBank or CoinW is banned in India?
The October 2025 release supports saying that the Ministry announced compliance notices and a takedown process for the listed providers. It does not, by itself, establish that every exchange was finally banned, that every app or URL was successfully blocked, or that users’ accounts or assets were frozen.
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- Smart backup: Use your second Tangem Wallet as your Backup keys with end‑to‑end encryption; no more papers, pictures. If one card is lost, the remaining can still restore full access, with an optional seed phrase available for advanced users.
- Engineered to last up to 25 years: Waterproof (IP69K), shockproof and tested for extreme temperatures from −25°C to 50°C. A durable cold wallet with long‑term protection and independently audited security.
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TechCrunch reported on 2 October 2025 that most of the affected platforms it checked remained accessible at that time. That is a dated observation and does not establish access in October 2026. The reviewed official releases also do not establish each named provider’s current registration status or service availability. Check the relevant provider’s current notices and India-facing terms before relying on access to an account or service. TechCrunch, 2 October 2025
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What did the exchanges say?
TechCrunch quoted Mark Taylor, CEX.IO’s head of financial crime, saying: “We are in the research process and will definitely ask and explain our position to the regulator regarding this notice,” and reported that CEX.IO was exploring pathways to align with Indian requirements. The report said BingX, LBank, CoinW and ProBit Global did not respond to its requests for comment. These responses do not speak for all 25 providers. TechCrunch, 2 October 2025
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What should users keep in mind?
- A notice is not the same as a final adjudication or penalty. The October 2025 Ministry release does not announce a final penalty for each named provider.
- The Ministry’s stated framework is activity-based: offshore status alone does not remove the registration and reporting duties it describes for covered activity in India.
- The releases do not establish whether a particular user can currently log in, withdraw funds, or continue trading on any one of the 25 services. Verify those questions directly with the provider and do not assume that access—or an account balance—will remain available.
- The Ministry’s release warns that crypto products and NFTs are unregulated and can be highly risky, and that there may be no regulatory recourse for losses. Ministry of Finance, 1 October 2025
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