The Financial Intelligence Unit of India (FIU-IND) has issued compliance notices to nine offshore cryptocurrency exchanges and requested the Ministry of Electronics and Information Technology (MeitY) to block their websites.
The affected exchanges include Binance, Kucoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex. According to the statement released by the FIU, these exchanges have not complied with the country’s Anti-Money Laundering (AML) regulations and are operating illegally.
The statement also emphasizes that the obligation applies to the exchanges’ activities, regardless of whether they have a physical presence in India. The regulations stipulate reporting, record-keeping, and other obligations for Virtual Asset Service Providers (VASPs), including registration with the FIU-IND.
While 31 entities have already registered with the Financial Intelligence Unit, the organization states that several offshore entities serving a significant number of Indian users have not yet registered.
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