India to Block Websites of Binance, Kraken, and 7 Other Crypto Exchanges

<p dir="ltr">The Indian government has issued show cause notice to nine popular offshore virtual digital assets service providers under the local anti-money laundering laws. The announcement yesterday (Thursday) further detailed that the Financial Intelligence Unit (FIU) ordered to blacklist the domains of the nine crypto exchanges as they are illegally operating in the country.</p><p dir="ltr">India to Block Top Crypto Exchanges</p><p dir="ltr">The names of the crypto exchanges in the notice are <a href="https://www.financemagnates.com/tag/binance/">Binance</a>, Kucoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex. All these exchanges are ranked at the top in terms of global crypto trading volume but do not have any <a href="https://www.financemagnates.com/cryptocurrency/regulation/the-evolution-of-indias-crypto-policy-from-taxation-to-global-collaboration/">authorization to operate in India</a>.</p><p dir="ltr">“Director FIU IND has written to 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 Prevention of Money Laundering Act in India,” the notice stated.</p><blockquote><p lang="en" dir="ltr">Day 696Multiple countries including India are getting serious about having a deeper regulatory control over crypto exchangesWe initially saw this with the US but now a lot more countries have started working towards greater regulatory clarity and control.2024 will see a…</p>— Nischal (Shardeum)