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Govt instructs crypto exchanges to monitor J&K transactions amid money laundering concerns

Economic Times

Economic Times · 4m ago

Govt instructs crypto exchanges to monitor J&K transactions amid money laundering concerns

The Indian government has instructed cryptocurrency exchanges to closely monitor transactions linked to individuals in Jammu & Kashmir and border areas due to money laundering concerns. Exchanges are advised to track suspicious trades, particularly involving private wallets, that may facilitate illicit transfers bypassing regular banking channels. This directive involves enhanced scrutiny of withdrawals to private wallets and reporting to the Financial Intelligence Unit, aiming to curb illicit financial activities and improve compliance with anti-money laundering regulations.

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After Apple, Google also removes Binance, Kraken, other crypto apps from Play store in India

IndianStartupNews

IndianStartupNews · 1y ago

After Apple, Google also removes Binance, Kraken, other crypto apps from Play store in India

Google has joined Apple in removing cryptocurrency exchange apps from its Play Store in India. The move comes after the Indian Finance Ministry's Financial Intelligence Unit issued show-cause notices to exchanges like Binance and Kraken for unauthorized operations in India. The action is rooted in concerns over violations of anti-money laundering regulations. This crackdown adds to the already stringent regulatory environment for cryptocurrencies in India, impacting the local crypto market and trading activity. Compliance with anti-money laundering rules is at the center of the issue.

Crypto Exchange OKX Halts Services In India Due To Regulatory Issues

Inc42 · 1y ago

Crypto Exchange OKX Halts Services In India Due To Regulatory Issues

Cryptocurrency exchange OKX has announced that it will suspend its services in India due to regulatory issues. The exchange has instructed its users to close all margin positions and withdraw funds by April 30. This move follows the show-cause notices sent to several offshore exchanges, including OKX, by India's finance ministry for non-compliance with anti-money laundering laws. The decision comes at a challenging time for the Indian crypto ecosystem, with high taxation and regulatory concerns leading to layoffs and shutdowns of crypto startups. Indian exchanges have seen a surge in demand following the recent rally in Bitcoin.

Comply With PMLA Norms: FIU-IND To Crypto Platforms

Inc42 · 1y ago

Comply With PMLA Norms: FIU-IND To Crypto Platforms

Financial Intelligence Unit-India (FIU-IND) director Vivek Aggarwal has urged crypto exchanges in India to comply with anti-money laundering laws to prevent the misuse of cryptocurrencies for illicit activities. During a capacity building workshop for virtual digital asset service providers, Aggarwal emphasized the importance of tracking and tracing fraudulent activities effectively. He clarified that the regulations for crypto exchanges are activity-based and not dependent on physical presence in India. Representatives from 35 crypto exchanges, including Binance and Kucoin, attended the event. Binance recently received approval from the FIU to operate as a virtual asset service provider in India.

CoinDCX, WazirX among 28 VDA service providers registered with FIU: Govt

Inc42 · 1y ago

CoinDCX, WazirX among 28 VDA service providers registered with FIU: Govt

As per the government, 28 entities providing services related to virtual digital assets (VDAs) have registered with the Financial Intelligence Unit-India (FIU-IND). Some of these entities include CoinDCX, WazirX, Coinswitch, CoinswitchX, and Zebpay. These entities have registered with FIU-IND in compliance with the government's notification that classified companies dealing in VDAs as reporting entities under the Prevention of Money Laundering Act. The registration process for offshore crypto exchanges serving the Indian market has also been initiated, and non-compliance may lead to actions under the PMLA. These regulatory measures, along with taxation and market challenges, have impacted the Indian crypto industry.

How crypto helps Latin America's drug cartels do business

Economic Times

Economic Times · 2y ago

How crypto helps Latin America's drug cartels do business

Drug cartels and crime gangs in Latin America are increasingly using cryptocurrencies for money laundering, payments, and drug sales on the darknet, making it difficult for law enforcement to detect and track these transactions. These groups are exploiting unregulated cryptocurrency exchanges and mixing services to evade detection. Some countries in the region have not updated their anti-money laundering regulations to include cryptocurrencies, making them attractive for criminals. While blockchain analysis can trace transactions, challenges remain in ensuring law enforcement agencies are cryptocurrency literate to effectively investigate these cases.

PayPal registers with FIU under anti-money laundering law; ends six-year long battle

IndianStartupNews

IndianStartupNews · 1y ago

PayPal registers with FIU under anti-money laundering law; ends six-year long battle

PayPal has officially registered with India's Financial Intelligence Unit (FIU) after a six-year legal dispute. The registration aligns PayPal with the Prevention of Money Laundering Act (PMLA) and requires the company to monitor and report suspicious transactions and cross-border wire transfers. In response to the regulatory framework set by the Reserve Bank of India (RBI), PayPal has appointed a principal officer and is in the process of appointing a director. The registration allows PayPal to share reports of suspicious transactions to aid in combating money laundering and financial crimes.

Australia outlines plan to regulate crypto exchanges

Economic Times

Economic Times · 1y ago

Australia outlines plan to regulate crypto exchanges

Australia planS to regulate cryptocurrency exchanges. The government is aiming to introduce new laws that will require Australian digital currency exchanges to register with the financial intelligence agency and meet anti-money laundering and counter-terrorism financing requirements. The move is driven by concerns over the potential misuse of cryptocurrencies for illegal activities.

Fraud victims among top crypto ATM users, Australian regulator says

Economic Times

Economic Times · 3m ago

Fraud victims among top crypto ATM users, Australian regulator says

Australia's financial crimes agency, AUSTRAC, has identified 90 scam victims and potential criminals as major users of crypto ATMs, linking many transactions to fraud. A national operation found many transactions involved victims, not perpetrators. An elderly woman lost over A$430,000 to scams. AUSTRAC recently imposed conditions on crypto ATM providers over compliance issues. The number of machines exceeds 1,800 amid increased regulation on crypto exchanges, including scrutiny of Binance and Blockchain Global.

Indian crypto exchanges’ futures trade with foreign peers may test FEMA limits

Economic Times

Economic Times · 11m ago

Indian crypto exchanges’ futures trade with foreign peers may test FEMA limits

Indian crypto exchanges are reportedly tapping offshore exchanges for cryptocurrency futures trade, while high-net-worth individuals (HNIs) may be making misleading declarations to banks to show their foreign crypto holdings as "security" investments. Local exchanges and HNIs believe their trades are legal as they are dealing with foreign exchanges registered with the Financial Intelligence Unit. However, they may be breaching rules under the Foreign Exchange Management Act (FEMA). Exchanges in India are using USDT as a margin for futures trades and are striking back-to-back deals with overseas exchanges. There are concerns over the regulatory and tax compliance of these transactions.

India To Push FATF To Bring Gaming Under AML Framework

Inc42 · 1y ago

India To Push FATF To Bring Gaming Under AML Framework

India will raise its concerns about the misuse of online gaming platforms at an upcoming global anti-money laundering meeting in Paris. The government is also exploring measures to ensure that these platforms report suspicious transactions and adhere to Know Your Customer (KYC) norms. The move comes after the discovery of the Mahadev betting scam last year, which involved multiple websites and money laundering through cryptocurrencies.

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