Indian Authorities Order’s the Blocking of Nine Cryptocurrency Exchanges, Including Binance

India is intensifying its crackdown on cryptocurrency exchanges, specifically targeting international platforms like Binance, alleging their unauthorized operations within the country. The Financial Intelligence Unit (FIU) of India has issued compliance notices to several platforms, including Kucoin, Huobi, Kraken,, Bittrex, Bitstamp, MEXC Global, and Bitfinex.

In a late Thursday statement, the FIU has also urged the Ministry of Information to block the URLs of these nine organizations. The FIU emphasized that despite catering to a substantial number of Indian users, certain offshore entities were unregistered and not subject to the Anti-Money Laundering (AML) and Countering Financing of Terrorism (CFT) framework.

Earlier this year, the Indian government incorporated anti-money laundering provisions into the crypto sector, aligning digital assets with global standards. The introduction of transaction taxes in 2022 significantly impacted local crypto exchanges, leading to a decline in transaction volumes.Local exchanges in India have expressed concern, stating that the new tax is pushing crypto investors towards offshore platforms that do not levy such taxes, adversely impacting their revenue.Binance has encountered growing regulatory scrutiny globally in the past year. In November, the company agreed to a $4.3 billion settlement after pleading guilty to charges of anti-money laundering and violating US sanctions.

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