Indian Financial Intelligence Unit Issues Show Cause Notices to 9 Cryptocurrency Exchanges

The Financial Intelligence Unit India (FIU IND) has issued compliance Show Cause Notices to nine offshore Virtual Digital Assets Service Providers (VDA SPs), including Binance, Kucoin, Huobi, Kraken, Gate, Bittrex, Bitstamp, MEXC, and Bitfinex. Despite serving a significant number of Indian users, these exchanges are not registered under the provisions of the Prevention of Money Laundering Act, 2002 (PML Act). The notices state that Virtual Digital Assets Service Providers must register with FIU IND as Reporting Entities and comply with obligations defined under PMLA 2002. (Source: PIB)