India cracked down on crypto exchanges as the Financial Intelligence Unit-India (FIU-IND) issued notices to 25 platforms, including Huione, BingX, Paxful, LBank, CoinW, and ProBit Global, over violations of anti-money laundering (AML) compliance rules.

In an October 2 official release, the finance ministry confirmed that the regulator has also ordered these crypto exchanges to withdraw their apps and websites from public access in India.

Source: India Ministry of Finance

According to CoinMarketCap data, the 25 affected exchanges together manage billions in user assets, with 14 of them collectively generating over $22 billion in trading volume within the past 24 hours.

India’s AML enforcement against offshore crypto…