India’s Watchdog Issues Warnings to 9 Crypto Exchanges
The Indian Financial Intelligence Unit (FIU) has filed accusations against several prominent cryptocurrency exchanges for operating without proper registration and violating laws related to anti-money laundering and anti-terrorism financing.
The regulator also requested the Ministry of Communications and Information Technology to block the domains of several companies in India, including Binance and Huobi.
However, the notice did not specify any specific deadlines or consequences for non-compliance with the order.
Earlier this year, there were reports of a potential legislative ban on cryptocurrencies in India, with discussions about potential criminal consequences for owners.
However, there were also reports of plans to legalize digital currencies as an asset class.
In November, there were rumors of the government’s intention to ban most “private currencies,” causing panic in the local market and leading to a temporary decline in the price of Bitcoin by 15%.
Despite the lack of a legal framework, India has increased regulations on cryptocurrency traders and investors in 2022.
