India Issues Notices to Binance and Other Exchanges for Anti-Money Laundering Non-Compliance

The Indian Ministry of Finance has issued notices to Binance and eight other offshore exchanges for non-compliance with anti-money laundering policies. These notices, from the Financial Intelligence Unit (FIU), target Binance, KuCoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex, as mentioned in a circular from December 28.



Additionally, the FIU plans to isolate local investors from these platforms and has begun actions to block URLs of Virtual Digital Assets Service Providers not complying with regulations.



The FIU's statement highlighted that this action against Binance and the other foreign exchanges is in line with the Prevention of Money Laundering Act (PMLA) in India. However, no deadline for the cautioned platforms to respond has been given.



The Indian Ministry requires crypto businesses to


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