FIU-IND issued notices under section 13 of the Prevention of Money Laundering Act to 15 crypto service providers operating in India without registering as reporting entities. It also issued takedown notices under the Information Technology Act for their apps and websites. The list includes exchanges such as Weex, Blofin, XT.com and WhiteBIT, and swap services such as ChangeNow, SimpleSwap and FixedFloat.
Why it matters: FIU-IND now names swap services alongside exchanges, which widens the practical reach of India's registration requirement.
For Ethereum: Instant swap services that exchange one token for another count as crypto service providers in India and must register, even without an Indian presence.
The PIB release lists the 15 providers: Weex, Blofin, Rezorex, Bitunix, DigiFinex, Toobit, XT.com, Latoken, WOO X, Pionex, ChangeNow, SimpleSwap, FixedFloat, WhiteBIT and Guardarian.
FIU-IND acted on two fronts. The Director issued notices for non-compliance under section 13 of the PMLA. As the nodal officer under section 79(3)(b) of the Information Technology Act, 2000, the Director also issued notices to take down the entities’ apps and URLs.
The release restates that providers offering exchange between crypto and fiat, exchange between crypto assets, transfers or safekeeping must register with FIU-IND, and that these obligations “are activity-based and are not contingent on physical presence” in India.
Implications
FIU-IND has taken similar action before, against nine offshore providers in December 2023 and 25 more in October 2025. This round names mostly mid-sized platforms.
The inclusion of ChangeNow, SimpleSwap and FixedFloat stands out. These are swap services, not order-book exchanges, and they are often used without an account. FIU-IND’s position is that exchanging one crypto asset for another is a registrable activity whatever the product looks like.
For Ethereum
Swap services are a common on-ramp between tokens, including in and out of Ethereum assets. The notices confirm that India treats a hosted swap service as a reporting entity. The release does not address self-custodial software such as wallets or front-ends to on-chain protocols, and nothing in it extends the requirement to them.