India Cracks Down on Unregulated Crypto and NFT Platforms
The Indian government has intensified its crackdown on unregulated cryptocurrency and NFT platforms. It has issued warnings about the risks and sent notices to 25 offshore platforms for violating anti-money laundering rules. The Finance Ministry has directed these entities to remove their online presence in India.
The government's warning extends to major platforms with collective assets worth over $9 billion. Among those targeted are CoinW, BTCC, Changelly, and Paxful. The government has emphasized that these platforms must register with the Financial Intelligence Unit-India (FIU-IND) and comply with reporting requirements under the Prevention of Money Laundering Act (PMLA).
So far, the FIU-IND has registered 50 Virtual Digital Asset (VDA) service providers. This latest action is a clear indication that offshore crypto platforms must adhere to Indian regulations to operate in the market. Those under pressure include CoinEx, BingX, Huione, CEX.IO, BitMex, Paxful, LBank, AscendEx, BTCC, and CoinW.
The Indian government's crackdown on unregulated crypto and NFT platforms continues. Offshore entities must now comply with Indian regulations or risk operational restrictions or bans. Users are advised to be cautious when dealing with unregulated platforms.
