Government: Government set to block 9 global crypto platforms in India
NEW DELHI: The government is set to block Binance, Kucoin and Huobi, among other global virtual digital asset service providers in India for their failure to register under the Prevention of Money Laundering Act (PMLA).Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global and Bitfinex are the other entities that are facing similar action.In March, VDA service providers were brought into the ambit of anti-money laundering framework and were mandated to register with the Financial Intelligence Unit (FIU) and comply with compliance requirements under PMLA, which relate to reporting and record-keeping.While the FIU has issued compliance show cause notices to the nine offshore entities, it has also written to the electronics and IT ministry to block the URLs of said outfits that are operating illega...
