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India banning major crypto exchanges
Liam Gill
December 29, 2023
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News of the Day
India's Financial Intelligence Unit has labelled nine major global crypto exchanges, including Binance and Kraken, as operating illegally for not adhering to the country's anti-money laundering laws. The agency has issued show cause notices and requested the blocking of these platforms, which have not complied with regulations despite catering to a significant Indian user base. This action follows India's move to tax crypto transactions and include cryptocurrencies in its anti-money laundering framework, leading many Indian traders to shift to global platforms. Exchanges like Huobi and Bitfinex are also implicated, while Indian exchanges continue to enforce strict KYC protocols. The directive aims to mitigate risks and secure the digital asset ecosystem in India.
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