Crypto players see surge in activity after crackdown on global companies

Indian crypto platforms have seen a significant surge in daily transactions and user registrations with some seeing a 2,000 per cent increase in deposits after the finance ministry issued show cause notices to nine offshore virtual digital assets (VDA) service providers dealing with crypto assets.

The Financial Intelligence Unit (FIU) under the finance ministry issued the show cause notices to VDA platforms like Binance, the largest cryptocurrency exchange, and Kucoin last month for non-compliance with anti-money laundering law and requested the Ministry of Electronics and Information Technology (MeitY) to block their websites.