Cryptocurrency: According to an Economic Times story, India has restricted access to the websites of international cryptocurrency exchanges and suppliers of virtual digital asset services, such as Finance, Kucoin, and OKX. The most recent development takes place in the context of these firms’ Financial Intelligence Unit (FIU) not complying with show-cause notices. Read on to know more.
India Bans Foreign Cryptocurrency Exchange Platforms
In response to allegations of money laundering on these platforms made by the Finance Ministry’s Financial Intelligence Unit (FIU), a ban was imposed until it was clear that the crypto laws of India were being obeyed. The government further stated that these offshore platforms were frequently utilised for money laundering and illegal activities, operating without the required authorizations or licences. Notices demanding explanations for their unauthorised operations in India were sent by the FIU to these nine exchanges on December 28. The government took recent action after the FIU recommended that the IT ministry limit access to these platforms through URLs.
Platforms that have been blocked
A show-cause notice was sent to Bittrex, Bitstamp, MEXC Global, Binance, Kucoin, Houbi, Kraken, Gate.io, and Bitfinex on December 28 of last year for their illegal operations in India. Due to these businesses’ failure to register and abide by local tax laws, a notification was issued. Thus, the Ministry of Finance gave the Ministry of Information Technology instructions to ban their URLs.
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