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Dec 30,2023

India bans URLs of 9 crypto exchanges, including Binance, for non-compliance with anti-money laundering laws

The Financial Intelligence Unit has sent a show cause notice to nine offshore cryptocurrency exchanges after they were allegedly found to be operating illegally in India by not complying with the country's anti-money laundering laws.

In Short

FIU has sent an advisory notice to 9 cryptocurrency exchanges.

FIU advises MeitY to block URLs of 9 cryptocurrency exchanges.

All 9 cryptocurrency exchanges have been closed due to non-acceptance of anti-money laundering laws in India.

The Financial Intelligence Unit (CRF), under the Ministry of Finance of India, has issued a warning notice to 9 offshore crypto exchanges and requested the Ministry of Electronics and Information Technology (MeitY) to block their URLs in India. The action was taken for alleged non-compliance with India's anti-money laundering laws. According to the notification sent by FIU, these 9 crypto exchanges, including Binance and Kucoin, are operating illegally in India. The nine exchanges that received the notification due to the announcement include Binance, Kucoin, Huobi, Kraken,, Bittrex, Bitstamp, MEXC Global and Bitfenex.

“As part of the compliance process against offshore companies, the Financial Intelligence Unit of India (FIU IND) has issued compliance notification notices to the VDA SPs under section 13 of the Prevention of Money Laundering Act 2002. (PMLA),” the presentation reads.

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