Will India Ban These Nine Offshore Crypto Exchanges?
The financial regulator in India has released a document detailing actions against nine prominent cryptocurrency exchanges, indicating the possibility of additional measures against them.
“Financial Intelligence Unit India (FIU IND) has issued compliance Show Cause Notices to following nine offshore Virtual Digital Assets Service Providers (VDA SPs) under Section 13 of the Prevention of Money Laundering Act, 2002 (PMLA).”
India’s Regulator Cites Numerous Crypto Exchanges
According to a recent statement, FIU IND asserted that the nine cryptocurrency exchanges , including Binance, KuCoin , and Huobi, operate illegally in India.
“Director FIU IND has written to Secretary, Ministry of Electronics and Information Technology to block the URLs of said entities that are operating illegally without complying with the provisions of the PML Act in India.”
Meanwhile, it highlights that the crypto exchanges are inadequately complying with registration requirements in India.
However, the document states that these exchanges are required to be registered with FIU IND as Reporting Entity. As well as “comply with the set of obligations as mandated under Prevention of Money Laundering Act (PMLA) 2002.”
Read more: The State of Crypto Regulation in India
India Continues Actively Working on Cryptocurrency Regulation
Meanwhile, in April, the Indian Finance Minister Nirmala Sitharaman proposed a common framework for G20 countries to regulate the crypto sector.
However, with India holding the G20 presidency, cryptocurrencies have been central to the ongoing discussions.
BeInCrypto recently reported that a judge for India’s Supreme Court questioned the government’s ability to handle complex cryptocurrency cases. Furthermore, citing its current law enforcement setup as the main issue.
Read more: 4 Best Crypto Learn and Earn Platforms in 2024
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions , Privacy Policy , and Disclaimers have been updated.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
PAIN: User refunds have been completed, Harold's token share will be locked for 20 years
Blockchain Game Cardex Users Lose $400,000 in Ethereum
Elon Musk’s X in talks to raise capital at $44 billion valuation
Share link:In this post: X is in talks to raise funding at a $44 billion valuation. Musk’s other companies, including Tesla and SpaceX, have seen their valuations soar. Musk’s close ties to Trump and the return of advertisers to X have improved investor confidence.
The EU shortchanges artists as its AI Act leaves a “devastating” copyright gap
Share link:In this post: 15 cultural organizations have written to the EU concerned about the Act. The AI Act came into effect last year and was not meant to tackle generative AI models. Work on the Act started before ChatGPT was launched in 2022.
Trending news
MoreCrypto prices
More
