FIU-IND notices 25 offshore crypto exchanges
What happened
- FIU-IND issued non-compliance notices under Section 13 of the Prevention of Money Laundering Act, 2002 to 25 offshore Virtual Digital Asset service providers [PIB].
Background
- VDA service providers serving Indian users must register with FIU-IND and follow PMLA reporting rules; the action targets those that did not [PIB].
Why it matters
- Offshore crypto platforms are a known route for scam money. Enforcement against foreign entities depends on blocking and cooperation abroad.
How to use this in Mains
- As per PIB (2025-10-01): FIU-IND issued non-compliance notices under Section 13 of the Prevention of Money Laundering Act, 2002 to 25 offshore Virtual Digital Asset service providers.
- Offshore crypto platforms are a known route for scam money. Enforcement against foreign entities depends on blocking and cooperation abroad.
Quotable data pointFIU-IND issued non-compliance notices under Section 13 of the Prevention of Money Laundering Act, 2002 to 25 offshore Virtual Digital Asset service providers.
PIB: Finance: FIU-IND notices to offshore VDA SPs, 1 Oct 2025
Exam angle
UPSC
Prelims: FIU-IND, PMLA.
Practice MCQs
Original practice questions (not PYQs).
Practice · UPSC
Number of VDA SPs served notices
Answer (b) & explanation
PIB.
Practice · UPSC
Section of PMLA used
Answer (b) & explanation
PIB.
Practice · UPSC
FIU-IND works under
Answer (a) & explanation
PIB release is from the Ministry of Finance.
Go deeper
ExplainerReserve Bank of India: History, Structure, Functions, Monetary Policy Committee, Surplus Transfer and the Autonomy Debate (UPSC Notes + PYQs)ExplainerCyber Security in India: Types of Threats, Legal Framework, Institutions, Recent Attacks and the Way Forward (UPSC Notes + PYQs)
Official source: PIB: Finance: FIU-IND notices to offshore VDA SPs, 1 Oct 2025
facts from cited sources only; faculty review pending