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According to recent reports, India is set to ban 9 crypto exchange URLs in a move from the countrys Financial Intelligence Unit. indeed, they have called for the Ministry of Electronics and Information Technology to block the URLs for exchanges like Binance, Kraken, and others.

The move will also affect Huobi, Kucoin, Bittrex, Gate.io, Bitstamp, Bitfinix, and MEXC Global. Moreover, a press release revealed that the ban occurred after these virtual asset service providers (VASP) were not in compliance with the Prevention of Money Laundering Act.

JUST IN: India to ban 9 crypto exchange URL's.

Binance Kraken Huobi Kucoin Bittrex Gateio Bitstamp Bitfinex MEXC Global

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The past year has certainly been a big one for digital asset regulation on a global scale. Countries across the world are establishing their framework as the industry is seeking to integrate. However, that process has not been as smooth in some regions.

Specifically, India is now set to ban 9 crypto exchange URLs due to non-compliance with its money laundering prevention legislation. Among those exchanges affected are entities like Binance, Kucoin, and Kraken. Moreover, the development occurs as India is attempting to increase mandates on the market.

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In March of this year, India instituted a mandate for crypto firms to implement know-your-customer (KYC) data. Additionally, they had required these firms to be registered by the countrys previously mentioned Financial Intelligence Unit (FIU). Subsequently, that same unit has called for the URL ban.

VASP recipients operating in India are required to register with the FIU and adhere to the money laundering prevention controls. Although 31 entities are reportedly registered with the FIU, several are not getting registered and coming under the Anti Money Laundering (AML) and Counter Financing Terrorism (CFT) framework.

Ultimately, the FIU issued show cause notices to the nine firms affected by the ban. Additionally, there have been no clearly stated repercussions for the companys failure to register.

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India to Ban 9 Crypto Exchange URLs Including Binance & Kraken - Watcher Guru