India Issues Compliance 'Show Cause' Notices to 9 Offshore Exchanges Including Binance and KuCoin
The Indian government has issued compliance notices to nine offshore cryptocurrency exchanges under its Prevention of Money Laundering Act (PMLA). The notices were issued by the Financial Intelligence Unit (FIU), part of the Finance Ministry. The exchanges include Binance, KuCoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex. The government is also taking steps to block the URLs of these exchanges for operating illegally without complying with the PMLA. The government has not provided a specific timeframe or consequences for non-compliance. The move follows a mandate from the Finance Ministry in March requiring crypto businesses to register with the FIU and comply with other PMLA processes, including Know Your Customer (KYC) verification.
