💫 In another tyrannical move towards crypto, India's finance ministry by the recommendation of FIU has issued show cause notices to 9 major Cryptocurrency exchanges. This move may be a killing blow for the crypto market in the world's largest country as it may lead to banning URls for these exchanges if found uncomplying  to the Anti Money Laundering or Anti Terrorist Funding rules and regulations.

A Shadow Ban ⁉️

In a release, the Finance Mistry of India has issued a 'compliance show cause notice to 9 VDASPs (Virtual Digital Asset Services Providers)

With Binance being much more popular among Indian traders, other names include the list are Kucoin, Bitfinex, Huobi, MexcGlbal, Bittrex, Bitstamp, Gate.io  and Kraken. 

What is FIU ⁉️

The FIU is the watchdog for non-compliance of AML and ATF policies inside the Indian borders and reports directly to Indian government for any suspicious activity related to offshore funding. 

What Is The Basis Of This 

It is also to be noted that all VDASPs fall under the AML-CFT (Anti Money Laundering/Counter Financing of Terrorism) framework. They wer brought under the regime of Prevention of Money Laundering Act 2002 by an amendment in March 2023. This act does not limit to the bodies that are physically present in the country so as to conduct business in India Virtual service providers are also required to follow it.

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