The Financial Intelligence Unit of India (FIU IND) has demanded that access to 25 virtual digital asset service providers (VDA SPs) in the country be blocked for non-compliance with anti-money laundering (AML) regulations.
The watchdog has ordered Indian internet service providers and app store owners to block access to the websites and mobile apps of trading platforms Huione, BC.Game, Paxful, Changelly, CEX.IO, Lbank, Youhodler, Bingx, PrimeXBT, BTCC, Coinex, Remitano, Poloniex, Bitmex, Bitrue, LCX, Probit Global, BTSE, HitBTC, Localcoinswap, Ascendex, Phemex, Zoomex, Coincola, and Coinw.
The FIU IND stated that all these exchanges served Indian users without a license and also failed to comply with regulatory requirements to provide mandatory reporting, creating risks of illegal transactions, money laundering, and terrorist financing.
Based on historical precedents, FIU-IND’s actions against crypto platforms could divert up to $3 billion in monthly digital asset turnover from Indian users to Indian-registered crypto exchanges.
Earlier, Indian authorities adopted amendments to the Income Tax Act, according to which, starting February 1, crypto investors who have not disclosed their income for more than 48 months will be subject to a fine.
Источник: bits.media
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