New Delhi, Oct. 2 -- The government has issued notices for non-compliance to 25 offshore virtual digital assets service providers, including CoinW of Singapore, BTCC of the UK, Changelly of Hong Kong and Paxful of the US under the Prevention of Money Laundering Act (PMLA), Union finance ministry said in a statement. The government has also issued notices to these entities with respect to takedown of the application/URLs for public access which have been found to be operating illegally without complying with the relevant provisions of the PML Act in India, it said on Wednesday. As part of recent compliance action against the such entities, Financial Intelligence Unit India (FIU IND) has issued notices for non-compliance to the 25 offshore Virtual Digital Assets Service Providers (VDA SPs) under Section 13 of the PML Act, 2002, it said. The statement also cautioned citizens against using VDAs. "It must be mentioned that the crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions," it said. The other entities under notice include Huione (formerly known as Huione Guarantee) of Cambodia, CEX.IO of the US, and the UK, LBank (LBK Blockchain Co Ltd) of British Virgin Islands, PrimeXBT of Saint Lucia, Coinex of Hong Kong, Remitano of Singapore, Poloniex based in Boston, BitMex in Seychelles and LCX in Liechtenstein, the statement said. Till date 50 VDA SPs have registered with FIU IND. However, from time to time the entities which are catering to Indian users but not getting registered, and thus remaining outside the AML/CFT framework, are identified by the FIU IND, it said. "These obligations are activity-based and are not contingent on physical presence of the entity in India," it added....