The Financial Intelligence Unit (FIU) of India has identified that 9 cryptocurrency exchange platforms have been operating in India in violation of the law, particularly in terms of anti-money laundering regulations. Consequently, FIU has requested the Ministry of Information Technology to block the websites of these 9 platforms. Notably, the identified platforms include major players such as Binance, Kraken, Kucoin, and Mexc. FIU has already notified these platforms, demanding that they rectify their operations to comply with the law. Presently, there are 31 registered cryptocurrency exchange platforms in India.
The majority of the issues arise from cryptocurrency exchange platforms that have not registered their businesses in India. However, several companies have established a presence in India and have been abiding by the anti-money laundering regulations. In the case of Binance, the founder Changpeng Zhao, also known as CZ, had previously stated that the company had no plans to expand its business in India due to the unfriendly financial policies towards cryptocurrency businesses.
TLDR: India’s Financial Intelligence Unit has found that 9 cryptocurrency exchange platforms, including Binance, Kraken, Kucoin, and Mexc, are operating unlawfully in India. These platforms have been requested to rectify their services to comply with anti-money laundering regulations, and the Ministry of Information Technology has been asked to block their websites. Meanwhile, 31 cryptocurrency exchange platforms in India are registered and complying with the law.
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