The 15 platforms India wants blocked report 14% of daily volume

India's Financial Intelligence Unit issued non-compliance notices to 15 offshore crypto platforms on Wednesday and asked for their apps and websites to be pulled from public access, CoinDesk reported. The Director acted under Section 13 of the Prevention of Money Laundering Act, which covers reporting entities that miss their anti-money-laundering duties.

The named platforms are Weex, Blofin, Rezorex, Bitunix, DigiFinex, Toobit, XT.com, Latoken, WOO X, Pionex, ChangeNow, SimpleSwap, FixedFloat, WhiteBIT and Guardarian. We went and measured them.

What the fifteen add up to

Eleven of the fifteen appear on CoinGecko as venues with an order book. Their reported turnover over the past 24 hours comes to $12.19 billion, against $88.5 billion across the whole market. That is 13.8% of global daily volume sitting on the India FIU list.

Pionex reports the largest share at $3.10 billion, then Weex at $1.95 billion and Toobit at $1.66 billion.

Treat those figures as claims rather than counts. Mid-tier venues self-report and the number is easy to inflate, which is why we published how our ranking is built and what it leaves out. Halve every figure and the set still covers 7% of the market.

Four of them are not exchanges

Rezorex, SimpleSwap, FixedFloat and Guardarian run no order book and appear nowhere in that exchange list. They are instant swap and fiat on-ramp services, where a user converts one asset into another without holding an account.

India's 2023 sweep went after exchanges. This one reaches the swap layer, and swap services are the step where identity checks usually thin out.

“The Director, FIU-IND ... has also issued notices with respect to the ... entities to take down the application/URLs for public access which have been found to be operating illegally without complying with the relevant provisions of the PMLA in India.”

— Ministry of Finance, India, Business Standard, 9 September 2026

India's Ministry of Finance, 9 September 2026

What happened the last time

On 28 December 2023 the same unit issued show cause notices to nine offshore exchanges, Binance, Huobi, Kraken, Gate.io, KuCoin, Bitstamp, MEXC Global, Bittrex and Bitfinex among them, and asked the IT ministry to block their URLs.

KuCoin paid a penalty and returned in March 2024. Binance registered as a reporting entity that August and paid about $2.25 million, reported at the time as India's largest crypto penalty, then resumed trading. The notice opens a negotiation with a known exit: register, pay, and the block lifts.

Regulators elsewhere have run the same play. We watched the FCA and the EU move on HTX last month while the exchange ran a birthday campaign. Our India page tracks the rules these notices rest on.

What registration costs

Registration puts a platform inside India's reporting regime: customer identification, record keeping and suspicious transaction reports filed with the unit. A platform that wants Indian users pays that cost.

For a venue built on quick swaps and light onboarding, that cost is the business model. The four non-exchanges on this list have the most to give up, and a blocked URL hurts them least, because a swap service needs no app store and no local entity to keep running.

This article is for informational purposes only and does not constitute investment advice.