Nag-isyu ang India ng mga abiso sa pagsunod sa siyam na offshore exchange kabilang ang Binance
India issues show-cause notices to Binance, Kucoin, and others for PMLA violations. Finance Ministry urges blocking URLs of offshore exchanges operating illegally in India. 1% tax on local exchanges prompts 3-5 million Indian users to shift to offshore platforms. In a decisive move, India‘s Finance Ministry has issued compliance show-cause notices to nine major offshore cryptocurrency exchanges, including industry giants like Binance, Huobi, and Kucoin. The government accuses these platforms of operating illegally within the country’s borders without adhering to local money laundering laws. This development marks a significant step in Indias efforts to regulate the crypto industry, with a focus on enforcing compliance with the Prevention of Money Laundering Act (PMLA), 2002. Compliance show-cause notices and URL blocking The Finance Ministry of India served compliance show-cause notices to nine major players namely Binance, Kucoin, Huobi, Kraken, Bittrex, Gate.io, Bitstamp, MEXC Global, and Bitfinex. The nine were accused of allegedly violating the Prevention of Money Laundering Act (PMLA). The notices demand an explanation for their non-compliance with the established regulations. Simultaneously, the ministry has urged the Information Technology Ministry to block the URLs of these exchanges, citing their illegal operations within the country. This move underscores India‘s commitment to bringing offshore crypto exchanges under regulatory oversight, signalling a