Indian government red-handed against 9 crypto exchanges including Binance, issued notices, URLs may be blocked!

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Crypto Exchange News | The Indian Ministry of Finance has issued show cause notices to 9 offshore virtual digital assets service providers, including crypto exchange operator Binance. Apart from this, the IT Ministry has also asked that the URLs of these platforms operating illegally in the country without complying with local money laundering laws should be blocked.

Who got the notice?

A total of 9 crypto exchanges have been sent this notice including Binance, Kucoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global and Bitfinex. In a statement on December 28, the finance ministry said that offshore and onshore virtual digital assets service providers are operating in India and are involved in activities including exchange between virtual digital assets and fiat currencies, acquisition and administration of virtual digital assets or instruments. It will become mandatory for all these platforms to register with the Financial Intelligence Unit-India and comply with the provisions of the Prevention of Money Laundering Act (PMLA), 2002.

What is Financial Intelligence Unit-India?

Financial Intelligence Unit- India is a national agency responsible for providing, analyzing and sharing information related to suspected financial transactions with law enforcement agencies and its foreign counterparts.

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