India has intensified its efforts to regulate the crypto sector by clamping down on overseas exchanges, including Binance, that are allegedly operating illegally within the country.

The Financial Intelligence Unit (FIU) has issued compliance show-cause notices to several platforms, urging them to demonstrate adherence to Indian laws. Additionally, the information ministry has been requested to block the uniform resource locators (URLs) or web addresses of nine entities, restricting local access to their websites. 

These measures come as the Indian government strengthens its oversight of digital assets, implementing anti-money laundering (AML) provisions and imposing taxes on crypto transactions. 

Offshore Crypto Exchanges Under Scrutiny

According to a Bloomberg report, The FIU, responsible for combating money laundering and terrorist financing, has issued compliance show-cause notices to prominent overseas crypto exchanges, including Binance, Kraken, KuCoin, Huobi, Gate.io, Bittrex, Bitstamp, MEXC and Bitfinex.  

These notices serve as official requests for the entities to demonstrate their compliance with Indian laws and regulations. 

The move comes in response to concerns that offshore exchanges catering to Indian users were allegedly operating outside the AML and Counter Financing of Terrorism (CFT) framework.

India has been actively tightening its oversight of the digital asset sector, aligning itself with global efforts to combat financial crimes and protect investor interests. 

The introduction of money-laundering provisions on digital assets earlier this year reflects the government’s commitment to enforcing regulatory compliance. These measures aim to bring c

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Author: Ronaldo Marquez

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