Indian authorities announced that they have decided to block the websites of nine global crypto exchanges in the country, including the largest cryptocurrency exchange platforms Binance, Kraken, Kucoin and Mexc. This was reported in a press release issued by the Financial Intelligence Unit (FIU) of the Ministry of Finance of India. Web site state.
The Financial Intelligence Unit explained that the blocking was due to the firms’ failure to comply with local anti-money laundering laws.
“Global cryptocurrency exchanges are required to comply with India’s anti-money laundering rules and cannot circumvent these rules because they do not have a physical presence in the country,” the ministry said.
Indian authorities introduced cryptocurrencies into the system in March 2023 to combat money laundering and terrorism financing of unknown origin. According to the Financial Intelligence Unit, 31 crypto firms have signed up to the system.
In the last quarter of the year, many Indian crypto traders turned to global platforms to avoid taxes. The government keeps 30% of the profits from digital currency transactions and 1% from each transaction.
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Source: Gazeta
Jackson Ruhl is a tech and sci-fi expert, who writes for “Social Bites”. He brings his readers the latest news and developments from the world of technology and science fiction.