FinMin sends notices to offshore crypto exchanges, asks Meity to block them

The finance ministry has issued showcause notices to nine offshore virtual digital assets (VDA) service providers dealing with crypto assets and has requested the Ministry of Electronics and Information Technology (Meity) to block their websites. These websites are operating illegally, not complying with the Prevention of Money Laundering (PML) Act provisions. The platforms include Binance, the largest cryptocurrency exchange, alongside Kucoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex.

VDA service providers were included in the Anti Money Laundering/Counter Financing of Terrorism (AML-CFT) framework under the PML Act, 2002, in March 2023.