The Indian government has directed the Ministry of Electronics and Information Technology to bar access to offshore cryptocurrency exchanges deemed illegal within the country. The nine affected crypto platforms include Binance, Kucoin, Huobi, Kraken, and Bitfinex. The Ministry of Finance also revealed that 31 crypto service providers have 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 nine offshore crypto service providers. The Indian government brought crypto service providers into the ambit of the country’s Anti Money Laundering/Counter Financing of Terrorism (AML-CFT) framework in March, under the provisions of the Prevention of Money Laundering (PML) Act.
The nine crypto service 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 block the URLs of said entities that are operating illegally without complying with the provisions of the PML Act in India.
All crypto service providers operating in India are required to register with the FIU IND as a reporting entity and comply with the rules set forth by the Prevention of Money Laundering Act 2002. “The obligation is activity-based and is not contingent on physical presence in India,” the finance ministry emphasized.
The Ministry of Finance further shared that 31 crypto service providers have registered with the FIU IND to date. Earlier this month, the Indian government provided Parliament with the list of 28 crypto service providers that are registered with the Financial Intelligence Unit, including Coindcx, Unocoin, Giottus, Bitbns, Zebpay, Wazirx, Coinswitch, Mudrex, Buyucoin, Pyor, Valr, and Bytex.
What do you think about India blocking access to offshore cryptocurrency trading platforms? Let us know in the comments section below.
#Regulation, #Crypto, #CryptoCompanies, #CryptoExchanges, #CryptoLaws, #CryptoRegulations, #CryptoTradingPlatforms, #Cryptocurrency, #IndiaCrypto