Financial Intelligence Unit India (FIU IND) issues compliance Show Cause Notices to nine offshore CEX

❌Binance

❌Kucoin

❌Gate

❌Huobi

❌Kraken   

❌Bittrex

❌Bitstamp

❌MEXC

❌Bitfinex

✅ What Does it Mean? 

India clamped down on overseas crypto exchanges like Binance that it says are operating illegally there, moving to block local access to their websites. The Financial Intelligence Unit issued so-called compliance show-cause notices to several platforms including Binance, Kraken, KuCoin and Huobi.

The notices were issued under a section of the Prevention of Money Laundering Act that authorizes the government to impose a penalty on the entity, its directors or employees or issue a warning or instructions.

India is currently undergoing a peer review of its anti-money laundering and counter financing of terrorism framework by the Financial Action Task Force (FATF), a UN body. The review assesses both the technical compliance of its recommendations and the effectiveness of India's anti-money laundering and anti-terror financing framework. 

✅ It's Effect on market

🔹After bursting, the news spread like a wildfire and people got panicked. We saw lots of panic selling in different entities in these CeX from Indian users.  Many platforms saw abnormal USDT/INR price in P2P. 

🔹Lots of funds were taken off from these exchanges by Indian users in fear of ban. People Are continuously withdrawal their Funds From those exchanges. 

🔹But the only sole bright news was pump of $WRX Token. Which is the native token of Indian local crypto exchange Wazirx. It showed a sharp jump upto 40% in less then 30 minutes. 

✅ What You should Do?

🔹 No Fomo, Don't FoMo into buying something releted to indian exchanges or projects, do some due diligence. 

🔹 Don't just Blindly Accept everything. This is a warning to the exchanges, final verdict is yet to come. Exchanges need to implement some services what " FIU " asking. 

🔹 Use Web3 wallets to secure your assets. Binance Web3 wallet is a secure and Free option out there. In market there're lots of options, choose your preferred one. 

🔹 Use Hardware Wallet to store your Crypto. That will increase the security and protect your Crypto from every possible outcome like these. 

🔹🔹🔹🔹🔹🔹🔹🔹🔹🔹🔹🔹🔹🔹🔹🔹🔹

Crypto Regulation indeed a great leap for adoption of Crypto. But every country has their separate law and rules so sometimes it's tricky to implement. You better understand the outcome and prepare for tackle these things rather than FOMOed and sell your Assets. 

🔹🔹🔹🔹🔹🔹🔹🔹🔹🔹🔹🔹🔹🔹🔹🔹🔹

© This composition is not endorsed by any entity; the names mentioned are solely for informational purposes. By stating this, we absolve ourselves of any liability for losses incurred if you invest in this project after perusing our article. This article should be regarded as a source of information, not financial counsel. Please note that this disclaimer is intended to protect both the reader and the author. 

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