FIU Issues Notice To Binance, Kucoin & 7 Other Offshore Crypto Platforms, Asks MeitY To Block Websites

FIU Issues Notice To Binance, Kucoin & 7 Other Offshore Crypto Platforms, Asks MeitY To Block Websites

SUMMARY

The show cause notices have been issued to the platforms for not registering as reporting entities with the FIU

Apart from Binance and Kucoin, the platforms under the radar of the authorities include Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfenex

Under existing rules, all onshore and offshore VDA service providers are mandated by law to register with the FIU as ‘reporting entities’ and comply with provisions of PMLA.

The Financial Intelligence Unit (FIU) of the Finance Ministry has issued notices to nine overseas crypto platforms, including Binance and Kucoin, for not complying with provisions of the anti-money laundering laws. “Director FIU India has written to (the) Secretary, Ministry of Electronics and Information Technology to block the URLs of said entities that are operating illegally without complying with the provisions of the PML Act in India,” said an official press statement. 

The show cause notices have been issued to the platforms for not registering as reporting entities with the FIU. The unit has also written to the Ministry of Electronics and Information Technology (MeitY) to block the websites of the nine entities. 

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