On 28 December 2023, the Financial Intelligence Unit India (FIU IND) issued a compliance Show Cause Notice to Bitfinex, an offshore Virtual Digital Assets Service Provider (VDA SP). This action was taken under Section 13 of the Prevention of Money Laundering Act, 2002 (PMLA). Bitfinex, along with other VDA SPs, along with other VDA SPs, was found to be non-compliant with the Anti Money Laundering/Counter Financing of Terrorism (AML-CFT) framework, including with the business registration requirement in March 2023. The FIU IND has also requested the Ministry of Electronics and Information Technology to block the URLs of Bitfinex for operating illegally without complying with the PML Act in India.
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