The FIU-IND recently issued show-cause notices to nine offshore crypto exchanges, including Binance and Kraken, for failing to comply with the Prevention of Money Laundering Act (PMLA). India has now reportedly suspended access to these offshore cryptocurrency exchanges.
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It sends a clear message to offshore crypto exchanges that compliance with Indian law is not optional, and regulatory oversight in the cryptocurrency sector is here to stay.
India recently extended its financial laws to include virtual asset businesses, such as cryptocurrencies, under the Prevention of Money Laundering Act (PMLA).