Binance Disburses IDR 67 Trillion Funds for Agreement with US Judge

As previously reported, the Indian Ministry of Finance announced on Thursday, December 28 2023 that the Indian Financial Intelligence Unit (FIU IND) had issued a Compliance Notice to nine overseas crypto service providers.

The Indian government included crypto service providers in the country's Anti-Money Laundering/Combating the Financing of Terrorism (AML-CFT) framework in March.

The nine crypto service providers that received notification are Binance, Kucoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex.

“The Director of FIU IND has written to the Secretary of the Ministry of Electronics and Information Technology to block the URLs of these entities which are operating illegally without complying with the provisions of the PML Act in India,” said the Indian Ministry of Finance, quoted from Bitcoin.com, Sunday (31/12 /2023).

All crypto service providers operating in India are required to register with FIU IND as reporting entities and comply with the rules laid down by the Prevention of Money Laundering Act, 2002.

“This obligation is activity-based and does not depend on physical presence in India,” the Finance Ministry stressed.

The Ministry of Finance further stated that 31 crypto service providers have been registered with FIU IND to date. Earlier this month, the Indian government provided Parliament with a list of 28 crypto service providers registered with the Financial Intelligence Unit, including Coindcx, Unocoin, Giottus, Bitbns, Zebpay, Wazirx, Coinswitch, Mudrex, Buyucoin, Pyor, Valr, and Byteks.