India Cracks Down On 25 Crypto Exchanges Including BingX, LBank, CoinW Over Compliance Failures
India has taken a bold step in regulating the crypto market. India cracks down on 25 crypto exchanges including BingX, LBank, CoinW over compliance failures, targeting platforms accused of skirting anti-money laundering (AML) obligations.
The Financial Intelligence Unit India (FIU-IND) announced the enforcement on Wednesday, putting offshore crypto companies with billions in assets under serious pressure. The watchdog said the affected platforms failed to register or comply with India’s financial rules, forcing them to pull their apps and websites from public access. Despite the order, many apps were still accessible as of press time.
Billions At Stake As Exchanges Face Scrutiny
Of the 25 flagged platforms, 14 together hold over $9 billion in assets and generated about $20 billion in trading volume in the past 24 hours, according to CoinMarketCap. This highlights the massive influence offshore exchanges have on India’s fast-growing crypto community.
Exchanges caught in the crackdown include BingX, LBank, CoinW, ProBit Global, BTCC, AscendEX, Zoomex, CEX.IO, and Poloniex.
CEX.IO Responds To The Crackdown
CEX.IO’s head of financial crime, Mark Taylor, issued a statement confirming the exchange is actively engaging with regulators.
“We are in the research process and will definitely explain our position to the regulator regarding this notice. We are exploring pathways to ensure alignment with India’s requirements and any necessary registration to secure long-term access for our users,” Taylor said.
Taylor also reassured Indian customers that no immediate changes have been made but advised users to stay alert for official updates.
Silence From Other Major Exchanges
Other affected exchanges — including BingX, LBank, CoinW, and ProBit Global — have yet to issue statements. Their silence raises uncertainty about how they will respond to India’s compliance push.
For now, Indian crypto investors face a period of uncertainty. With billions in play and apps still operational, the situation underscores India’s tougher stance on regulating digital assets.
What This Means For India’s Crypto Market
This move is part of India’s broader strategy to bring offshore platforms under regulatory oversight. By enforcing AML rules, the government aims to prevent misuse of crypto in illicit activities and ensure safer trading conditions for investors.
But the crackdown also raises questions about accessibility. If these exchanges fail to comply, Indian traders may lose access to some of the largest global platforms.
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