💥The article dealing with this topic caused a lot of embarrassment in the entire Binance community, so we decided to update it with more detailed information.

The Indian financial intelligence unit is seeking to block the URLs of many significant global #cryptocurrency exchanges, including #Binance , #KuCoin , Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex. This move is motivated by concerns over illegal activities and violations of anti-money laundering laws.

Nine International Virtual Currency Providers Under Scrutiny

The Indian financial intelligence unit has issued a notice identifying these nine foreign providers of virtual digital asset services as participants in illegal activities and violations of anti-money laundering regulations. The unit has requested the Ministry of Electronics and Information Technology to block the URLs of these companies, which should prevent access to their websites in India.

 Insufficient Regulation and Registration of Foreign Entities

The document indicates that a number of offshore entities serving a significant number of Indian users are not properly registered and do not fall under the regulatory framework against money laundering (AML) and counter-terrorism financing (CFT). These companies should be registered with the Financial Intelligence Unit IND and comply with the relevant regulations, including the Prevention of Money Laundering Act (PMLA) of 2002, which contains a set of obligations designed to prevent money laundering.

FIU's compliance Show Cause Notices Alert. Source: PIB Government of India

 India as a Key Player in Global Cryptocurrency Adoption

In the Chainalysis 2022 global cryptocurrency adoption index, India was rated as one of the top countries and became the second-largest market by gross estimated transaction volume globally, just after the United States. This rapid growth in cryptocurrency adoption in the country has led to increased scrutiny by Indian regulatory authorities.

 Upcoming Regulatory Framework for Cryptocurrencies

India is working on creating a comprehensive regulatory framework for cryptocurrencies, planned to be published in 2024. This framework is likely to include advanced Know Your Customer (KYC) rules, real-time proof of reserves audits, and a unified tax policy. It is expected to propose that cryptocurrency exchanges be regulated similarly to authorized dealers in accordance with the guidelines of the Reserve Bank of India.

 #crypto2024SpaceCatch #crypto2023

 Notice:

,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“