In News: India to ban URLs of 9 crypto exchanges, including Binance, for non-compliance with anti-money laundering law.
The Financial Intelligence Unit has sent a show cause notice to nine offshore cryptocurrency exchanges after they were allegedly found to be illegally operating in India by not complying with the country's anti-money laundering law.
In Short
The FIU has sent show cause notice to 9 offshore cryptocurrency exchanges.
The FIU has advised MeitY to block the URLs of the 9 cryptocurrency exchanges.
The 9 cryptocurrency exchanges have been pulled up for non-compliance with India anti-money laundering law.
The Financial Intelligence Unit (FIU), that comes under the Indian Finance Ministry has issued a show cause notice to 9 offshore crypto exchanges, and has asked the Ministry of Electronics and Information Technology (MeitY) to block their URLs in India. The action has been taken for alleged non-compliance with Indian anti-money laundering law. As per the notice sent out by FIU, these 9 crypto exchanges, which includes Binance and Kucoin, have been operating illegally in India. The nine exchanges that have received the show cause notice include, Binance, Kucoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfenex.