The Financial Ministry issues a notification to 9 (nine) offshore cryptocurrency marketplaces- December 28, 2023

The Finance Ministry’s Financial Intelligence Unit (FIU) issued show cause notifications to 9 (nine) offshore cryptocurrency platforms, including Binance and Kucoin, for breaching anti-money laundering legislation. These entities, which included Huobi, Kraken, and others, failed to register as reporting entities with FIU-India. The FIU has asked the Ministry of Electronics and Information Technology to restrict the URLs for these services. Offshore and onshore virtual digital asset service providers operating in India are required to register with FIU IND and comply with the Prevention of Money Laundering Act. Compliance notifications have been issued to guarantee compliance with financial legislation and prevent money laundering.