Indian Government Seeks Ban on Major Crypto Exchanges, Including Binance and Kraken

The crypto industry faces another blow as India’s Financial Intelligence Unit (FIU) aims to ban nine prominent exchanges within the country. The list includes industry giants like Binance and Kraken, accused of operating illegally by disregarding registration with the FIU and failing to comply with anti-money laundering and anti-terrorist financing regulations.

The agency, responsible for monitoring financial activities, emphasized the necessity for Virtual Digital Asset Service Providers (VDA SPs) in India to register with FIU IND as Reporting Entities, adhering to the Prevention of Money Laundering Act (PMLA) 2002. In response to non-compliance, the FIU has urged the Ministry of Electronics and Information Technology to block access to the websites of these exchanges until further notice.

According to the FIU, while 31 digital asset service providers have registered, a “substantial” number of Indian users prefer unregistered exchanges, prompting stringent regulatory measures. The agency’s move underscores the escalating global scrutiny and tightening regulations around the crypto sphere, as governments navigate concerns of illegal financial activities associated with these platforms.

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CryptoCurrencyUSDChange 1hChange 24hChange 7d
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Tether1.000 0.02 % 0.03 % 0.11 %
BNB543.78 0.14 % 0.83 % 8.96 %
Solana132.65 2.15 % 3.40 % 23.33 %
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