India is set to enforce stringent measures against nine offshore cryptocurrency exchanges, including major players like Binance and Kucoin. The Financial Intelligence Unit (FIU) has issued a show cause notice, citing non-compliance with India's anti-money laundering laws. In response, the FIU has recommended the Ministry of Electronics and Information Technology (MeitY) block the URLs of these exchanges within the country.
The FIU, operating under the Indian Finance Ministry, has taken decisive action against the alleged illegal operations of these exchanges, emphasizing non-compliance with anti-money laundering regulations. Notable exchanges facing scrutiny include Binance, Kucoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfenex.
