CoinDCX to fund investors in asset transfers

According to an official release, CoinDCX, a FIU registered Indian exchange, announced that it will fund $1 million Treasury Fund to facilitate asset transfers for investors from non-FIU compliant offshore exchanges. The $1 million Treasury Fund is expected to be utilised to offer 1% bonus on all crypto deposits made between January 9, 2024 and January 17, 2024.

Sources revealed that in late 2023, FIU IND took decisive action by urging the Ministry of Electronics and Information Technology to block URLs of nine offshore entities operating illegally. These entities failed to comply with the provisions of the Prevention of Money Laundering (PML) Act in India.