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🚨 **FIU India Cracks Down on 25 Offshore Crypto Platforms!** 🚨

The Financial Intelligence Unit India (FIU IND) has issued notices to 25 offshore Virtual Digital Asset Service Providers (VDA SPs) for non-compliance under Section 13 of the Prevention of Money Laundering Act (PML) Act, 2002. These platforms, including Huione, BC.game, Paxful, Changelly, and others, are operating in India without registering with FIU IND, violating AML/CFT regulations. 📜

🔍 **What’s Happening?**
- Notices issued for illegal operations and non-compliance with PML Act, 2002.
- FIU IND has also requested the takedown of these platforms’ apps/URLs under Section 79(3)(b) of the IT Act, 2000.
- 50 VDA SPs are registered with FIU IND, but these 25 are dodging the rules! 😡

💡 **Why It Matters?**
Since March 2023, all VDA SPs (onshore or offshore) dealing with crypto exchanges, transfers, or safekeeping in India must register with FIU IND and follow strict AML/CFT guidelines. Non-compliance risks legal action and potential bans. 🚫

⚠️ **Crypto Warning**: Crypto products and NFTs are unregulated and highly risky. Trade cautiously, as there’s no regulatory safety net for losses! 📉

🔗 Stay informed, stay compliant! Check the full list of non-compliant platforms on the official PIB release. Let’s discuss: Are these regulations a step toward safer crypto trading or a hurdle for innovation? 🗳️

#CryptoNews #FIUIndia #PMLAct #CryptoRegulations #IndiaCrypto