In a release, the government said the body has issued "compliance Show Cause Notices to nine offshore Virtual Digital Assets Service Providers (VDA SPs)".
India's Financial Intelligence Unit has issued show cause notices to nine offshore crypto-currency operators, including Binance, for not complying with the anti-money laundering PML Act.
They are: Binance, Kucoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex.
The FIU has written to the Ministry of Electronics and Information Technology to block the URLs of these nine entities as they have been "operating illegally without complying with the provisions of PML Act in India."
Virtual Digital Assets Service Providers (VDA SPs) were brought into the ambit of Anti Money Laundering/Counter Financing of Terrorism (AML-CFT) framework under the provisions of the Prevention of Money Laundering Act (PML) Act, 2002 in March 2023.
"As part of compliance action against the offshore entities, Financial Intelligence Unit India (FIU IND) has issued compliance show cause Notices to following nine offshore Virtual Digital Assets Service Providers (VDA SPs) under Section 13 of the Prevention of Money Laundering Act, 2002 (PMLA)," FIU said in a release.
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