Dear Readers,

You are all aware that the Government of India has issued show case notice to the foreign crypto exchanges on Dec 28, 2023.

Indeed the show case notice was sent from the Finance Intelligent Unit India (FIU IND), part of the Finance Ministry of the Government of India to the foreign Virtual digital Assets Providers (VDA SPs) including Binance, Kucoin, Huobi, Kracken, Gate.io, Bittrex, Bitstamp, MEXC Global and Bitfinex. This notice was served citing the reason that they are not registered with India's Anti Money Laundering/ Counter Financing of Terrorism (AML CFT) framework which Government of India has brought all the Virtual Digital Assets Company under this framework in March 2023.  The Ministry has also requested the Ministry of Electronics and Information Technology to block these websites. 

We were covered about this circular in our earlier post. Those who have not read it, can access it here. 

All the Indian based Crypto exchanges have registered under this framework and they need to share the users and crypto balances on demand to the Indian Government. They also deduct 1% TdS charges for the crypto transactions. 

Following to this notice, it is come to know that the websites of Kucoin, Binance, OKX were blocked in India. They were blocked in the Apple IOS Stores couple of days before.

In the meantime, hope you are aware that a IP block affecting many crypto firms including Binance. I was also received an alert message from Binance as follows:

Tough time indeed for the Indian Crypto users.