Crypto Crackdown: India Says 9 Global Exchanges Like Binance Operating Illegally
• Financial Intelligence Unit (FIU) in India says 9 global crypto exchanges like Binance and Kraken are operating illegally without complying with anti-money laundering laws
• FIU issued show cause notices to all 9 firms asking why their websites should not be blocked in India
• Global platforms need to register under Indian laws even if no physical presence in India, says FIU
• 31 Indian crypto firms have registered with FIU's framework so far, but global ones have more Indian users and avoid taxes
• Other named firms not complying are Huobi, Gate.io, Bittrex, Bitstamp and Bitfinex; Indian firms like CoinDCX adhere to prevention of money laundering laws