India Cracks Down on Offshore Crypto Exchanges — Blocks Binance, 8 Other Platforms

The Indian authorities has directed the Ministry of Electronics and Information Technology to barroom entree to offshore cryptocurrency exchanges deemed amerciable wrong the country. The 9 affected crypto platforms see Binance, Kucoin, Huobi, Kraken, and Bitfinex. The Ministry of Finance besides revealed that 31 crypto work providers person registered with the country’s Financial Intelligence Unit to date.

India Blocks 9 Offshore Crypto Platforms

India’s Ministry of Finance announced Thursday that the Financial Intelligence Unit India (FIU IND) has issued “compliance Show Cause Notices” to 9 offshore crypto work providers. The Indian authorities brought crypto work providers into the ambit of the country’s Anti Money Laundering/Counter Financing of Terrorism (AML-CFT) model successful March, nether the provisions of the Prevention of Money Laundering (PML) Act.

The 9 crypto work providers that were sent notices are Binance, Kucoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex. The Indian Ministry of Finance stated:

Director FIU IND has written to Secretary, Ministry of Electronics and Information Technology, to artifact the URLs of said entities that are operating illegally without complying with the provisions of the PML Act successful India.

All crypto work providers operating successful India are required to registry with the FIU IND arsenic a reporting entity and comply with the rules acceptable distant by the Prevention of Money Laundering Act 2002. “The work is activity-based and is not contingent connected carnal beingness successful India,” the concern ministry emphasized.

The Ministry of Finance further shared that 31 crypto work providers person registered with the FIU IND to date. Earlier this month, the Indian authorities provided Parliament with the database of 28 crypto work providers that are registered with the Financial Intelligence Unit, including Coindcx, Unocoin, Giottus, Bitbns, Zebpay, Wazirx, Coinswitch, Mudrex, Buyucoin, Pyor, Valr, and Bytex.

What bash you deliberation astir India blocking entree to offshore cryptocurrency trading platforms? Let america cognize successful the comments conception below.