The Financial Intelligence Unit India (FIU-IND) has issued show cause notices to nine offshore cryptocurrency and virtual digital assets service providers (VDA SPs) for not being compliant with the requisite provisions of the Prevention of Money Laundering Act (PMLA), and has asked the Union Information Technology ministry to block their web addresses, the Finance Ministry said late Thursday. The ministry termed the notices as “compliance action”.
The nine VDA SPs include Binance, Kucoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global and Bitfinex. FIU-IND is the national agency responsible for receiving, processing, analysing and disseminating information relating to suspect financial transactions to enforcement agencies and foreign FIUs. The agency is under the Finance Ministry.
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