India’s Crackdown: Binance and Huobi Among Cryptocurrency Exchanges Warned for AML and CFT Oversight

    Financial watchdog FIU IND issues Show Cause Notices to major offshore crypto exchanges, including Binance and Huobi, for operating illegally in India without adhering to AML and CFT regulations. The Ministry of Electronics and Information Technology urged to block their URLs.

    The Financial Intelligence Unit India (FIU IND) has taken a stern stance on cryptocurrency exchanges, serving compliance Show Cause Notices to nine major players, including Binance, Huobi, and Kraken. Despite serving a significant user base in India, these exchanges are not registered, prompting concerns over their adherence to the Prevention of Money Laundering Act (PML Act).

    In a letter directed to the Ministry of Electronics and Information Technology, the Director of FIU IND has urged the blocking of the exchanges’ URLs due to their alleged illegal operations.

    This move signals a robust effort by Indian authorities to ensure compliance with Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) frameworks.


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