Nine crypto exchanges Binance, Kucoin, Huobi, Kraken, Gate, Bittrex, Bitstamp, MEXC, and Bitfinex have been issued a warning from Indian authorities for non-compliance with registration laws.
India Blocks URLs of Top Exchanges
According to a published statement, the Financial Intelligence Unit India (FIU IND) issued compliance Show Cause Notices to these nine offshore Virtual Digital Assets Service Providers (VDA SPs). Markedly, this notice permits the authority to take enforcement actions against the crypto exchanges for non-compliance with federal laws prevalent in the region.
This was after the crypto exchanges were brought under the scope of “Anti Money Laundering/Counter Financing of Terrorism (AML-CFT) framework under the provisions of the Prevention of Money Laundering Act (PML) Act, 2002 in March 2023,” and it was discovered that they had flouted the Act.
Consequently, the Director of the agency has asked the Secretary, Ministry of Electronics and Information Technology
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