The economic intelligence Unit has sent a display motive notice to 9 offshore cryptocurrency exchanges after they have been allegedly discovered to be illegally working in India by way of now not complying with the usa’s anti-money laundering law.

In Short

• The FIU has sent display purpose word to nine offshore cryptocurrency exchanges.
• The FIU has cautioned MeitY to block the URLs of the nine cryptocurrency exchanges.
• The 9 cryptocurrency exchanges have been pulled up for non-compliance with India anti-money laundering law.

Nine offshore cryptocurrency exchanges have received a show-cause notice from the Financial Intelligence Unit (FIU) of the Indian Finance Ministry, which has also requested that their URLs be blocked in India by the Ministry of Electronics and Information Technology (MeitY). The Indian anti-money laundering statute is allegedly not being followed, which is why action has been taken. These nine cryptocurrency exchanges, which include Binance and Kucoin, have been conducting illegal business in India, according to the notification issued by the FBI. Nine exchanges—Binance, Kucoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfenex—have been given notice to show reason.

“The Financial Intelligence Unit India (FIU IND) has issued compliance Show Cause Notices to the following nine offshore Virtual Digital Assets Service Providers (VDA SPs) under Section 13 of the Prevention of Money Laundering Act, 2002 (PMLA) as part of compliance action against the offshore entities,” the show cause notice states.

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