India’s Financial Intelligence Unit has issued non-compliance notices to 15 crypto service providers and ordered action to take down their apps and URLs in India for operating without meeting the country’s anti-money laundering requirements.

The Financial Intelligence Unit-India said Tuesday that the notices were issued under Section 13 of the Prevention of Money Laundering Act, naming Weex, Blofin, Rezorex, Bitunix, DigiFinex, Toobit, XT.com, Latoken, WOO X, Pionex, ChangeNow, SimpleSwap, Fixedfloat, WhiteBIT and Guardarian.

FIU targets 15 crypto platforms over PMLA compliance

Alongside the compliance notices, FIU-IND issued takedown notices covering the applications and URLs used by the 15 platforms after finding that they were operating illegally without complying with provisions of the PMLA.

The action was taken under powers linked to Section 79(3)(b) of the Information Technology Act and the Information Technology rules amended in 2025.

India brought virtual digital asset service providers under its anti-money laundering and counter-financing of terrorism framework in March 2023. The requirements apply to businesses offering crypto-to-fiat exchange, digital asset transfers, custody and other services that provide control over virtual assets.

Platforms carrying out those activities for Indian users must register with FIU-IND as reporting entities and follow requirements covering record keeping, reporting and other compliance obligations under the PMLA.

Physical presence in India does not determine whether the rules apply. An offshore company serving Indian customers can fall within the framework even if it has no office or legal entity in the country.

The latest action follows a series of measures that have expanded FIU oversight of crypto transactions. In June, the watchdog sought OTC transaction records exceeding $10,000 from at least three major exchanges, with platforms required to preserve relevant records dating back to January 2026.

The requested information included beneficial ownership details, intermediaries involved in private transactions and information about the entities behind the deals.

Earlier this year, FIU-IND tightened crypto KYC rules for service providers operating in the country. The framework included stronger identity checks, record-keeping requirements and suspicious transaction reporting obligations.

Offshore crypto activity remains under scrutiny in India

The enforcement action comes days after The Economic Times reported that some Indian crypto users were moving stablecoins such as Tether’s USDT to overseas gift card services.

According to the report, platforms based in countries including Sweden, Germany and Singapore allow users to convert cryptocurrency into gift cards that can then be spent in India on goods including groceries, fuel and gold.

Such transactions can take place without users first moving their crypto through a domestic exchange, according to the report.

Offshore trading has remained a concern for Indian authorities as they try to track crypto transactions for tax and compliance purposes. In July, crypto.news previously reported that Indian tax authorities had raised concerns over trading through offshore exchanges, private wallets and peer-to-peer transactions.

India has since expanded parts of its international tax reporting framework to cover specified crypto assets, central bank digital currencies and some digital money products. Under updated tax reporting rules, financial institutions face revised account identification and tax residency verification requirements.

The measures form part of a regulatory structure in which India taxes crypto transactions while requiring platforms serving local customers to meet financial crime and reporting rules.

Crypto gains are subject to a 30% tax, while a 1% tax deducted at source applies to qualifying virtual digital asset transactions.

India has previously blocked major offshore exchanges

FIU-IND used a similar enforcement route against larger offshore exchanges in December 2023, when it issued show-cause notices to nine platforms for failing to comply with the country’s registration requirements.

Binance, KuCoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global and Bitfinex were among the exchanges targeted at the time.

Authorities subsequently sought restrictions on access to their websites. By January 2024, access to several exchanges had been blocked in India, while their apps faced restrictions on major mobile app stores.

KuCoin later registered with FIU-IND and resolved its earlier non-compliance after paying a penalty. Binance followed after months of regulatory discussions.

In June 2024, FIU-IND imposed a 188.2 million rupee penalty, equivalent to roughly $2.25 million at the time, on Binance for operating in India without meeting its anti-money laundering obligations.

The exchange later completed its FIU registration in August 2024 and resumed operations in India after a seven-month restriction. Its registration made the platform subject to the reporting and compliance requirements applied to other registered crypto businesses serving the country.

Bybit later went through a similar process. The exchange paid a 92.7 million rupee penalty after authorities cited persistent non-compliance and subsequently secured FIU registration.

FIU warns users about crypto and NFT risks

The latest notice extends enforcement to a group dominated by smaller and medium-sized offshore platforms, including exchanges as well as services that facilitate swaps and other digital asset transactions.

FIU-IND did not announce financial penalties against the 15 companies in Tuesday’s release. Its action covered non-compliance notices and requests to take down public access to their applications and URLs.

The watchdog separately cautioned users about the risks associated with cryptocurrency products and non-fungible tokens, noting that such products remain unregulated in India.

“It is pertinent to mention for the safety and awareness of general public that the Crypto products and NFTs are unregulated and can be highly risky,” FIU-IND said. “There may be no regulatory recourse for any loss from such transactions.”

Federal authorities charged two Jacksonville brothers with allegedly operating a darknet narcotics vendor whose counterfeit pills were connected to at least 12 overdoses, including three deaths.

Vladislav Chernyshov, 35, and Stanislav Chernyshov, 30, were arrested on Aug. 28 on charges of conspiring to distribute nitazenes. The U.S. Attorney’s Office for the Eastern District of Virginia announced the case on Sept. 2.

An FBI affidavit alleges that the brothers operated under the vendor name “BarbaraWhite.” Investigators used blockchain analysis alongside postal records, undercover purchases, surveillance and darknet marketplace data to identify the alleged operators.

FBI traced Bitcoin from three darknet markets

Investigators identified Bitcoin addresses allegedly used by BarbaraWhite to withdraw proceeds from Nemesis, Bohemia and Abacus. All three platforms operated as darknet marketplaces before being shut down or disappearing.

The wallet network received approximately $220,000 from darknet markets and sent around $230,000 in cryptocurrency, according to a Sept. 8 analysis by Chainalysis that cited the affidavit.

The total amount sent can exceed direct marketplace receipts because wallets can receive funds from other sources, transfer the same funds through several addresses or contain balances acquired before the period under review. The figures should not be treated as net profit or total drug-sale revenue.

Investigators allegedly linked the wallet activity to Stanislav by identifying transactions involving other wallets connected to his mobile payment account. Chainalysis said investigators used its Reactor software to reconstruct part of the transaction network.

The court record, rather than Chainalysis’s commercial description, forms the evidentiary basis for the prosecution. The criminal complaint remains an accusation, and neither brother has been convicted.

Crypto payments allegedly reached a chemical supplier

The traced wallets allegedly sent money to a postage provider, another drug vendor and a China-based chemical supplier. Approximately $7,210 reached the supplier, according to Chainalysis’s account of the affidavit.

Investigators allege that the supplier provided chemicals connected to the nitazenes sold by BarbaraWhite. The payment trail helped agents connect alleged drug procurement with marketplace sales and shipping activity.

Blockchain records alone do not identify the person controlling a wallet. Investigators must combine transaction patterns with exchange records, account information, communications, device evidence or other records before linking an address to an individual.

That combined approach has appeared in other narcotics prosecutions. In related coverage, six defendants received sentences after a Texas drug network laundered cryptocurrency proceeds from counterfeit pills sold through darknet markets.

Counterfeit pills were marketed as “fent free”

Prosecutors allege that BarbaraWhite sold counterfeit oxycodone pills containing several nitazenes. The identified substances included protonitazene, metonitazene, N-pyrrolidino etonitazene and N-pyrrolidino isotonitazene.

The pills carried markings designed to resemble pharmaceutical oxycodone. Some listings described them as “fent free,” but laboratory tests allegedly found nitazenes that can match or exceed fentanyl’s potency.

The investigation began after a fatal overdose in Arlington, Virginia. According to local reporting based on the affidavit, the victim died on Aug. 28, 2023, four days after receiving a parcel connected to a BarbaraWhite purchase.

Chainalysis said investigators associated BarbaraWhite shipments with at least 12 overdoses across the U.S., including three fatalities. Records from three marketplaces allegedly showed sales exceeding 95,000 counterfeit pills. Those figures are prosecutorial allegations derived from the investigation, not findings reached at trial.

The defendants face federal prosecution in Virginia

The brothers face a charge of conspiracy to distribute nitazenes. Prosecutors said each could receive a maximum penalty of at least 20 years in prison if convicted.

A federal judge would determine any sentence after considering the applicable statutes, U.S. Sentencing Guidelines and case-specific factors. The defendants retain the presumption of innocence.

The FBI, Drug Enforcement Administration, U.S. Postal Inspection Service and several local and regional offices participated in the investigation. Assistant U.S. Attorneys Heather Call and Catherine Rosenberg are prosecuting the case.

The matter is filed in the Eastern District of Virginia as case number 1:26-mj-336. The next procedural steps may include preliminary hearings, detention proceedings, indictment decisions and evidence disclosures. No trial date or plea agreement had been announced publicly at the time of reporting.

Key takeaways

• Chainlink has gained 51% over seven days amid improving regulatory sentiment and project-specific developments.
• Chainlink’s total value secured rose from $43 billion in June to nearly $57 billion by the end of August—an increase of approximately 33%.
• A partnership with Bottomline could connect payment infrastructure serving more than 600 banks to multiple blockchains.

Chainlink has gained approximately 51% over the past seven days, outperforming much of the cryptocurrency market following new regulatory proposals from the U.S. Securities and Exchange Commission.

The rally has also been supported by improving Chainlink network fundamentals and several significant adoption announcements.

Chainlink’s total value secured increased from approximately $43 billion in June to nearly $57 billion by the end of August. This represents growth of about 33%, indicating that more value is relying on Chainlink-powered services across decentralized finance and other blockchain applications.

LINK has also broken above an important technical resistance, creating a potential path toward $18 if buyers maintain control.

Chainlink’s total value secured approaches $57 billion

Chainlink’s total value secured has recovered steadily since June, climbing by approximately $14 billion in two months.

TVS measures the value of assets supported or protected by Chainlink services. Rising TVS can indicate growing demand for the network’s oracle infrastructure, cross-chain communication tools, and asset-verification products.

The recovery strengthens the fundamental case for LINK by showing that the network’s usage is improving alongside its token price.

However, TVS does not represent revenue or assets directly owned by Chainlink. It measures the value dependent on its infrastructure and should therefore be viewed as an adoption indicator.

Continued growth could support LINK’s longer-term outlook, particularly if Chainlink expands further into institutional payments and tokenized assets.

Chainlink recently announced a partnership with Bottomline, a payment technology company that facilitates SWIFT transfers for more than 600 banks worldwide.

The collaboration is intended to connect Bottomline’s existing offchain payment infrastructure with multiple blockchain networks.

This could allow banks and financial institutions already using Bottomline to interact with digital assets without replacing their existing payment systems.

Chainlink’s Cross-Chain Interoperability Protocol could provide the communication layer connecting traditional financial infrastructure with public and private blockchains.

If successful, the partnership could increase Chainlink’s relevance as banks explore stablecoins, tokenized deposits and blockchain-based settlement.

The Wyoming Stable Token Commission has also selected Chainlink to provide reserve verification for the state’s Frontier Stable Token.

Chainlink Proof of Reserve will serve as Wyoming’s exclusive onchain asset-verification system for the token. The technology will publish verifiable information showing whether the stablecoin is fully supported by its underlying reserve assets.

Proof-of-reserve infrastructure is particularly important for stablecoins because users need confidence that the number of tokens in circulation does not exceed the assets backing them.

The Wyoming selection gives Chainlink a government-level use case and could strengthen its position in the U.S. stablecoin market.

If other states or jurisdictions adopt similar systems, demand for Chainlink’s verification and interoperability products could increase.

LINK breaks above the 200-day EMA

LINK moved above its 200-day exponential moving average in late August, alongside a broader recovery among altcoins.

A sustained move above the 200-day EMA is often interpreted as evidence of improving long-term momentum. It indicates that the current price has risen above its average level over a significant period.

The breakout suggests that LINK’s previous bearish cycle may be ending. However, confirmation will depend on the token holding above the moving average during future pullbacks.

The Relative Strength Index stands at 64, showing strong bullish momentum without yet entering the conventionally overbought region above 70.

This gives LINK some room to extend its rally, although the rapid 51% weekly gain increases the possibility of short-term profit-taking.

LINK’s move above the $12 resistance level confirmed a breakout from a bullish flag pattern that had been forming since the August 21 rally.

A bullish flag develops when an asset consolidates after a strong upward move. Early buyers take profits during this phase, while new buyers gradually enter in anticipation of the next advance.

A breakout above the flag’s resistance signals that buyers may have regained control.

Based on the size of LINK’s preceding rally, the technical pattern projects a target of approximately $18. This would represent around 44% upside from the $12 breakout area.

LINK must hold above $12 to preserve the bullish setup. A decisive drop back below the breakout level could indicate that the move was false and delay the projected rally.

Chainlink’s strengthening fundamentals provide additional support for the technical outlook. Rising TVS, institutional payment partnerships, and government stablecoin adoption could help sustain demand beyond short-term speculation.

The US dollar failed to hold its gains following a significantly stronger-than-expected US employment report. The economy added 162,000 jobs versus the forecast of 56,000, while the unemployment rate remained at 4.1% and previous employment figures were revised higher. The data initially triggered a sharp rise in the dollar, but the US currency subsequently gave back most of its gains. One factor limiting the impact of the strong report was a slowdown in annual wage growth, which somewhat reduced its overall effect. The market reaction suggests that even strong employment data have not yet led to a sustained repricing of expectations for the Federal Reserve’s future policy.

Market attention is now shifting towards US inflation data. A strong labour market reduces the need for rapid Fed easing, but the future path of interest rates will depend to a large extent on developments in price pressures. As a result, the upcoming inflation figures could become the next key driver for the dollar.

AUD/USD

The Australian dollar benefited from the subsequent weakening of the US currency, with AUD/USD reaching fresh recent highs near 0.7200. The AUD is also receiving support from expectations that the Reserve Bank of Australia will maintain a relatively hawkish stance, limiting the downside potential for the Australian currency.

Technical analysis of AUD/USD points to the possibility of further gains towards the 0.7260–0.7280 area, provided the price holds above 0.7200. A return below 0.7200, followed by a sustained move below this level, would weaken the bullish scenario and increase the likelihood of a corrective decline.

USD/CAD

USD/CAD continues to decline and has approached the August lows around 1.3730. In addition to the weaker US dollar, the Canadian dollar is being supported by oil prices, which remain sensitive to geopolitical tensions surrounding Iran.

A sustained move below 1.3730, followed by this level becoming resistance, could open the way for a further decline towards the 1.3520–1.3570 area.

Key events for USD/CAD and AUD/USD:

• today at 14:00 (GMT+3): US Mortgage Market Index;
• today at 15:15 (GMT+3): weekly change in US employment according to ADP;
• today at 23:30 (GMT+3): weekly US crude oil inventories according to the American Petroleum Institute (API).

Overall, following the strong NFP report, the dollar failed to hold its initial gains, allowing the commodity-linked currencies to return to important technical levels. AUD/USD is testing the area of recent highs, while USD/CAD is approaching its August lows. With a relatively quiet economic calendar, further moves will depend on how expectations for Fed policy are repriced and on positioning ahead of the next US inflation data.

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Natural gas has been on a genuinely volatile ride this week, briefly topping $3.00/MMBtu on Tuesday before reversing sharply lower as fading cooling demand outweighed strong LNG export needs. The commodity, currently trading near $2.91, remains up roughly 4% over the past month despite sitting nearly 7% below year-ago levels.

The supply side tells a comfortable story: US inventories sit 5.2% above the five-year seasonal average, and Lower 48 output remains near record highs, both capping any sustained rally. Yet demand is anything but boring. LNG feedgas flows to major export facilities climbed to 18.3 bcfd in early September from 17.2 bcfd in August as Texas plants returned from maintenance, while European and Asian buyers scramble to rebuild storage ahead of winter amid continued disruptions to Persian Gulf LNG supplies.

That geopolitical thread is the real wildcard. Renewed attacks on tankers in the Strait of Hormuz over the weekend pushed European gas prices to their highest level in over three years, with Qatar largely suspending LNG shipments and extending force majeure on cargoes through autumn.

The result: a domestic market well-supplied and range-bound, sitting uneasily beneath an international backdrop that could send prices sharply higher if Gulf tensions escalate further.

Technical Analysis of XNG/USD

As the XNG/USD chart shows, natural gas staged a strong recovery from a bullish RSI divergence in mid-August, printing higher lows on the RSI even as price carved a fresh low near 2.596, the 0 Fibonacci level. That divergence fuelled a steady uptrend, defined by higher highs and higher lows along an ascending trendline, though price has only just broken below that trendline, currently testing the confluence with the 0.382 retracement near 2.874.

Bullish Scenario

Should buyers reclaim the broken ascending trendline and hold above the 0.382 support, the recovery structure would regain credibility. A push back above the 0.5 retracement near 2.960, the resistance where price has repeatedly reacted in recent sessions, would open the path towards the 0.618 level near 3.045.

Bearish Scenario

Conversely, a confirmed break below the 0.382 retracement would signal that the correction has real legs, exposing the 2.650–2.700 intermediate support zone, with a deeper slide risking a full retest of the 2.596 low that anchored the entire August–September rally.

With price having just lost its ascending trendline right at a key Fibonacci confluence, natural gas’s next move looks set to determine whether this recovery still has room to run, or whether the trend shift confirmed by the RSI divergence has already run its course.

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Key takeaways

• Pi Network is trading above $0.098 after rebounding from the 50-day EMA near $0.094.
• PI has gained more than 3% this week after advancing 5.2% during the previous week.
• The Pi Core Team is prioritizing developer tools and documentation to encourage more applications within the ecosystem.

Pi Network extended its recovery on Wednesday, trading above $0.098 after finding support near its 50-day exponential moving average earlier this week.

PI has gained more than 3% since the start of the week, building on a 5.2% advance during the previous seven-day period.

The rebound coincides with a renewed push from the Pi Core Team to strengthen the network’s developer ecosystem. The team argues that better development tools can encourage the creation of more products and services, expanding PI’s practical utility.

Technical indicators also show improving momentum. However, the token remains below its 100-day and 200-day moving averages, which continue to limit the broader recovery.

Pi Core team prioritizes developer ecosystem

The Pi Core Team said on X that supporting developers is essential to expanding utility at the application level.

Developers create the products, services, and digital experiences through which members of the Pi community can use the network. Improving the development environment could therefore help convert Pi’s underlying technology and ecosystem resources into accessible applications.

The latest comments follow the introduction of new developer capabilities on September 4.

Pi Network also released documentation offering developers clearer guidance on how to build applications for the ecosystem.

Together, the updates indicate that the network is placing greater emphasis on application development as a path toward wider utility.

The long-term impact will depend on whether these resources attract developers and lead to applications with sustained user activity. Developer tools alone do not guarantee adoption, but they can lower the barriers to building and deploying new products.

PI extends two-week recovery

PI traded near $0.098 on Wednesday after buyers defended the 50-day EMA around $0.094. The moving average acted as dynamic support, allowing the token to preserve its short-term recovery. Remaining above this level could encourage buyers to challenge the next significant resistance area.

PI’s consecutive weekly gains also suggest that selling pressure is easing. Still, the price remains below the 100-day EMA at $0.106 and the 200-day EMA at $0.143.

These higher-timeframe indicators show that the token has not yet completed a broader bullish reversal.

A sustained recovery will require PI to reclaim both moving averages and convert them into support.

The Relative Strength Index stands near 63, placing it above the neutral midpoint of 50. This indicates that buying momentum has strengthened without reaching the conventional overbought threshold of 70. The reading gives PI some room to extend its recovery before momentum becomes excessively stretched.

The Moving Average Convergence Divergence indicator is also mildly positive, reinforcing the improvement in short-term momentum.

However, both signals remain constrained by the resistance created by the 100-day and 200-day EMAs. The indicators favor further gains, but price action must confirm the bullish outlook with a breakout above these barriers.

The 100-day EMA near $0.106 represents PI’s first major upside target. A decisive close above this level could strengthen the recovery and bring the horizontal resistance at $0.118 into focus.

If buyers overcome $0.118, the next significant target would be the 200-day EMA near $0.143. Reclaiming that moving average would provide stronger evidence that PI’s longer-term trend is improving.

From the current price near $0.098, reaching $0.106 would require a gain of approximately 8%. An advance toward $0.118 would represent roughly 20% upside.

The token will likely require increased trading volume to overcome these resistance levels and sustain the breakout.

On the downside, the 50-day EMA at $0.094 is the first important support level. A break below this indicator could weaken the short-term recovery and send PI toward the former downtrend interaction area near $0.086.

If buyers fail to defend that region, the risk of a deeper bearish move would increase. The next major horizontal support sits around $0.075.

As long as PI holds above $0.094, the immediate outlook remains constructive. A breakout above $0.106 would favor an extension toward $0.118, while losing the 50-day EMA could place the recent recovery under pressure.