<ul><li>FIU-Ind targets major offshore crypto exchanges, including Binance and Kraken, for PMLA non-compliance in India.</li><li>India strengthens crypto oversight, requiring VDAs to adhere to AML/CFT norms and register with FIU-Ind.</li><li>Efforts to block URLs of non-compliant crypto platforms signal India&#39;s firm stance on digital asset regulation and security.</li></ul>The FIU-Ind has brought to task nine major offshore cryptocurrency exchanges, including industry giants like <a href="https://cryptotale.org/binance-labs-fund-unveils-cutting-edge-developments-in-blockchain-technology/" rel="noopener noreferrer nofollow">Binance</a>, Bitfinex, and <a href="https://cryptotale.org/kraken-eyes-expansion-into-stock-and-etf-trading-in-u-s-and-u-k/" rel="noopener noreferrer nofollow">Kraken</a>, per a Bloomberg <a href="https://www.bloomberg.com/news/articles/2023-12-28/india-to-block-crypto-exchange-websites-in-widening-crackdown" rel="noopener noreferrer nofollow">report</a>. This move comes as part of India&#39;s ongoing efforts to curb money laundering and terrorist financing through digital assets. The notices issued are grounded in the provisions of the Prevention of Money Laundering Act (PMLA), a key regulatory framework in India&#39;s fight against financial crimes.The <a href="https://fiuindia.gov.in/" rel="noopener noreferrer nofollow">FIU-Ind</a>, as the central agency overseeing financial intelligence and compliance, mandates that all virtual digital asset service providers operating in India adhere to stringent AML/CFT norms. This includes maintaining detailed Know Your Customer (KYC) records and other transaction-related documentation. The recent notice serves as a reminder that operating from a foreign country does not exempt these entities from Indian laws.The FIU-Ind&#39;s decision could have significant implications for the <a href="https://cryptotale.org/?s&#61;Indian&#43;cryptocurrency&#43;market" rel="noopener noreferrer nofollow">Indian cryptocurrency market</a>. Dhruv Garg, a prominent Lawyer and tech Policy Advisor, suggests that effectively blocking these entities could render the offshore business model unviable for circumventing domestic AML laws. This move is seen as a step towards greater regulatory oversight and accountability in the burgeoning digital asset market in India.Read full article a<a href="https://cryptotale.org/indias-fiu-targets-offshore-crypto-platforms-for-non-compliance/" rel="noopener noreferrer nofollow">t CryptoTale.</a>

India's FIU Targets Offshore Crypto Platforms for Non-Compliance

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