Illegal operations, non-compliance with anti-money laundering regulations, India officially announces the blocking of nine mainstream exchanges

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India Blocks Nine Exchanges

According to an official announcement, the Financial Intelligence Unit India, FIU IND under the Indian Ministry of Finance issued compliance notices to nine well-known offshore exchanges on the 28th, accusing them of illegal operations and violating anti-money laundering regulations. These include:

• Huobi

• Bittrex

• Gate.io

• Kraken

• KuCoin

• Binance

• Bitfinex

• Bitstamp

• MEXC Global

India Requests Exchange Blocking

The Financial Intelligence Unit has requested the Indian Ministry of Electronics and Information Technology to block the exchange websites to prevent access in India. The department stated:

As of now, 31 digital asset service providers are registered with FIU IND. However, some offshore exchanges, while catering to a significant number of Indian users, are not registered and bound by the Anti-Money Laundering (AML) and Counter Financing of Terrorism (CFT) frameworks.