The Financial Intelligence Unit-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 FIU, these exchanges have failed to comply with the country’s Anti-Money Laundering (AML) laws and are operating illegally.
The statement also indicates that this obligation is based on the activities of the operators, regardless of whether they have a physical presence in India. The regulations under the AML laws specify “reporting, record-keeping, and other obligations of VDASPs, including registration with the Financial Intelligence Unit-India.”
While 31 operators have already registered with the Financial Intelligence Unit, the institution states that several offshore entities serving a large number of Indian users have not yet registered.
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