The Indian government is gearing up to block nine global cryptocurrency platforms, including Binance, Kucoin, and Huobi, for failing to register under the Prevention of Money Laundering Act (PMLA).
Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex are also facing similar actions. In March, virtual digital asset service providers were mandated to register with the Financial Intelligence Unit (FIU) and comply with PMLA requirements.
The FIU has issued compliance notices and requested the electronics and IT ministry to block the URLs of non-compliant entities. This aligns with the government's efforts to tighten regulations on crypto assets and address concerns related to illegal fund routing.