Threat of ban looms over offshore crypto platforms as govt weighs in

The government could take further action, including a possible ban, on the Indian operations of offshore cryptocurrency dealing apps such as Binance if these platforms are found guilty under the Prevention of Money Laundering Act, a senior official said.

“The action so far has been on reports and show-cause notices issued to these (digital) wallets by the finance ministry,” a senior official from the electronics and information technology ministry told ET on Thursday on condition of anonymity. “A more extensive probe, however, is underway. If they are found guilty of violating more provisions of the money laundering law, we will impose a complete ban on their Indian operations.”