The finance ministry’s Financial Intelligence Unit (FIU-IND) has issued notices to 25 offshore crypto platforms for non-compliance with anti-money laundering regulations.
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The notices have been issued to crypto platforms such as Paxful, CEX.IO, LBank, BingX, Coinex, AscendEx, BTCC and CoinW. The registered addresses of many of these platforms, as per a government statement, were traced back to the US, UK, Hong Kong, Singapore as well as tax havens like Saint Lucia, Seychelles, British Virgin Islands and others.
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In a statement, the FIU said that directions have also been issued to the 25 platforms to take down their apps and websites for “operating illegally” in India.
“… The Director FIU IND, in exercise of powers under Section 79(3)(b) of the Information Technology Act, 2000, has also issued notices to the aforesaid entities with respect to takedown of the application/URLs for public access which have been found to be operating illegally without complying with the relevant provisions of the PML Act, 2002 in India.
Here’s a list of 25 offshore crypto / virtual digital asset (VDA) platforms that have reportedly received notices from India’s FIU-IND for non-compliance under PMLA / being subject to takedown / blocking orders:
1 Huione
2 BC.game
3 Paxful
4 Changelly
5 CEX.IO
6 LBank
7 Youhodler
8 BingX
9 PrimeXBT
10 BTCC
11 CoinEx
12 Remitano
13 Poloniex
14 BitMex
15 Bitrue
16 LCX
17 Probit Global
18 BTSE
19 HIT BTC
20 LocalCoinSwap
21 AscendEx
22 Phemex
23 ZooMex
24 CoinCola
25 CoinW
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As per the FEMA Act, it is illegal to trade pairs without INR Currency & do business with brokers not registered in India, and I am not a financial advisor. The content in our YouTube videos is for educational and informational purposes only and reflects my personal opinions and experiences. Investing and trading involve risks, and there are no guarantees of profit. Always conduct your own research and consult with a qualified financial professional before making any investment decisions. Your financial future is your responsibility—trade wisely! FXBISWA
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