Indian Government Takes Action Against Illegal Crypto Exchanges
The Indian government has instructed the Ministry of Electronics and Information Technology to block access to offshore cryptocurrency exchanges that are operating illegally within the country. As part of the efforts to combat money laundering and terrorist financing, the Financial Intelligence Unit India (FIU IND) has issued compliance notices to nine crypto service providers operating offshore. These providers include Binance, Kucoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex.
Compliance Requirements for Crypto Service Providers
All crypto service providers in India are required to register with the FIU IND and adhere to the guidelines outlined in the Prevention of Money Laundering Act 2002. The Ministry of Finance clarified that registration is not dependent on physical presence in the country and applies to any provider conducting activities within India.
According to the ministry, a total of 31 crypto service providers have registered with the FIU IND so far. Earlier this month, the Indian government shared a list of 28 registered providers with the Financial Intelligence Unit, including Coindcx, Unocoin, Giottus, Bitbns, Zebpay, Wazirx, Coinswitch, Mudrex, Buyucoin, Pyor, Valr, and Bytex.
Hot Take: India Intensifies Measures Against Illegal Crypto Activities
The Indian government’s decision to block access to illegal offshore cryptocurrency exchanges demonstrates its commitment to combating money laundering and terrorist financing. By issuing compliance notices and requiring registration with the FIU IND, the government aims to ensure that crypto service providers operate within the legal framework. This move contributes to the regulation of the crypto industry and enhances the overall security of the financial sector in India.
Benito Cormi, the brilliant crypto analyst who has made waves in the world of cryptocurrency. With his razor-sharp analytical skills and deep understanding of the digital asset landscape, Benito has become a trusted figure in the industry and remains at the forefront, tirelessly researching and analyzing market trends to help individuals and businesses make informed decisions in this dynamic landscape.