According to the statement issued by the Ministry of Finance, notices were issued to companies such as Weex International Exchange LTD, BLF Global Limited , RezorEx, Bitunix LLC, DigiFinex Ltd, Hopeful Technology Co. Ltd. and others under Section 13 of the Prevention of Money Laundering Act, 2002(PMLA).
The Director had also issued notices to the companies to takedown the application/URLs for public access which was found to be operating illegally without complying with the relevant provisions of the PMLA in India under rule 3(1)(d) of the Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Amendment Rules, 2025, said the statement.
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According to the ministry, fifteen firms were brought under the bounds of the Anti Money Laundering/Counter Financing of Terrorism (AML/CFT) framework under the provisions of the Prevention of Money Laundering Act, 2002 in March 2023.
The release stated that VDA SPs operating in India (whether offshore or onshore) and engaged in activities like exchange between virtual digital assets and fiat currencies, transfer of virtual digital assets, safekeeping or administration of virtual digital assets or instruments enabling control over virtual digital assets etc. are required to be registered with FIU-IND as Reporting Entity and comply with the set of obligations as mandated under Prevention of Money Laundering Act, 2002(PMLA).
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The release said the obligations are based on activity and not the physical presence of the entity in India. The regulation stipulates reporting, record keeping, and other obligations on the VDA SPs under the PML Act as well as registration with the FIU-IND.