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India's Financial Intelligence Unit (FIU) has <a href="https://pib.gov.in/PressReleasePage.aspx?PRID=1991372" rel="noopener noreferrer nofollow">issued</a> Show Cause Notices to nine major offshore virtual digital assets service providers (VDA SPs), including industry giants like Binance and Huobi. This significant step could have a significant impact on the local crypto scene.&nbsp;A regulatory crackdown&nbsp; 
This measure is part of India's enforcement of its AML-CFT framework, which was extended to VDA SPs in March 2023.&nbsp;
The nine targeted entities, operating with significant user bases in India, have been operating without registering as mandated by the PML Act.&nbsp;
The FIU's notices demand that these exchanges to explain their non-compliance. Otherwise, their websites could be blocked in India, effectively cutting off a significant portion of their user base.
<h2 id="india-s-evolving-stance-on">India's evolving stance on</h2>
India's relationship with cryptocurrency has been a rollercoaster ride, characterized by shifting policies and regulatory uncertainties.&nbsp;
The country previously considered an outright ban on cryptocurrencies, notably when the Reserve Bank of India (RBI) <a href="https://u.today/indias-top-court-hearing-on-crypto-ban-postponed-to-september#!" rel="noopener noreferrer nofollow">prohibited</a> banks from dealing with crypto businesses in 2018. This ban was later overturned by the Supreme Court in 2020, leading to a period of regulatory ambiguity.&nbsp;
However, recent developments at the G-20 summit, where India pressed for crypto rules, signal a move towards a more nuanced approach.&nbsp;
The country is now working on a five-point crypto legislative framework that is influenced by recommendations from the IMF and the FSB. This framework suggests a future where Indian crypto platforms could operate under guidelines akin to those for authorized dealers.

India Cracks Down on Binance, Huobi, and Other Top Crypto Exchanges

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