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Mudrex completes registration with FIU India along with VASP registration in European Union, expanding crypto compliance
Startup News FYI
·
1y ago
Medial
Mudrex, a crypto investment platform with headquarters in Bengaluru and San Francisco, has achieved regulatory recognition in India and the European Union. It is now a registered reporting entity with India's Financial Intelligence Unit and holds Virtual Asset Service Provider accreditation from the Bank of Lithuania. The company also obtained OAM certification in Italy. Mudrex prioritizes security, implementing measures such as multi-factor authentication and SSL encryption. It aims to align with stringent regulatory standards to foster a safe environment for cryptocurrency investors worldwide. The platform was launched in 2018 with the vision of making crypto investing less risky for ordinary investors.
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CoinDCX, WazirX among 28 VDA service providers registered with FIU: Govt
Inc42
·
1y ago
Medial
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.
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Mudrex Launches Saber.Money to Offer Onramp & Offramp Services in India
Startup News FYI
·
1y ago
Medial
Mudrex, a crypto investment platform backed by Y-Combinator, has announced the launch of Saber.Money in India. Saber.Money provides on-ramp and off-ramp services for B2B clients, offering easy integration and competitive conversion rates for fiat-to-crypto transactions. Mudrex has attracted early clients such as Flipkart, IndiGG, and Polygon, among others, demonstrating confidence in their services. The company has obtained explicit certification in Italy and maintains compliance with regulatory standards. Mudrex aims to expand Saber.Money's reach globally in response to the increasing demand for cryptocurrency services.
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Binance registers with FIU-IND, pays Rs 18.8 crore fine to restart operations in India
Economic Times
·
12m ago
Medial
Cryptocurrency exchange Binance has registered with India's virtual digital asset monitoring agency FIU-IND, after paying a penalty of INR 18.82 crore to lift a seven-month ban on its operations in the country. The registration marks Binance's 19th global regulatory milestone and allows the company to tailor its services for Indian users. India leads the world in grassroots crypto adoption, and Binance accounted for nearly 90% of the estimated $4 billion cryptocurrency holdings of Indian nationals prior to the ban.
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Comply With PMLA Norms: FIU-IND To Crypto Platforms
Inc42
·
1y ago
Medial
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.
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Banned Binance & Kucoin Get FIU Nod To Operate In India
Inc42
·
1y ago
Medial
Binance and Kucoin, two overseas cryptocurrency platforms, have received approval from the Financial Intelligence Unit (FIU) of India's finance ministry to operate as virtual asset service providers (VASPs). Earlier, these platforms were banned by the Indian government for not complying with laws and not registering with the FIU. Following the approval, Binance and Kucoin can now offer crypto trading services in India. The FIU is overseeing the trade in virtual digital assets and expects the platforms to comply with regulations and submit suspicious transaction reports.
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Global crypto platform Mudrex launches US bitcoin ETFs for Indian investors
Economic Times
·
1y ago
Medial
Y Combinator-backed crypto investment platform Mudrex has launched its US bitcoin Spot ETFs in India. The platform allows both institutional and retail investors to invest in Bitcoin spot ETFs with a minimum of $5,000 and a maximum of $250,000. Users can choose between individual spot ETFs, create personalized baskets, or opt for pre-listed options based on market capitalization. Mudrex initially listed four spot ETFs: BlackRock, Fidelity, Franklin Templeton, and Vanguard. The move comes after the US Securities and Exchange Commission approved the first-ever US-listed ETFs that track the price of bitcoin.
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After RBI’s Paytm Clampdown, More Payments Bank Under Lens On KYC Worries
Inc42
·
1y ago
Medial
The Financial Intelligence Unit (FIU) has identified around 50,000 accounts without proper KYC verification in various payment banks in India, potentially involved in suspicious transactions and money laundering activities. These banks, including Paytm Payments Bank, are under scrutiny by the Reserve Bank of India (RBI) for failures such as not reporting suspicious transactions, lack of beneficial owner details, and registration of multiple users with a single PAN. The FIU is expected to provide a comprehensive report on these deficiencies before the end of March.
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FIU issues notice to Binance, 8 other offshore crypto platforms, writes to MeitY for blocking of URLs
Economic Times
·
1y ago
Medial
The Financial Intelligence Unit (FIU) has issued show cause notices to nine offshore cryptocurrency and digital asset platforms, including Binance and Kucoin, for non-compliance with anti-money laundering laws. The FIU has also requested the Ministry of Electronics and Information Technology to block the URLs of these platforms for operating illegally in India. Other platforms issued notices include Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfenex. These platforms are required to register as reporting entities with the FIU-India and comply with the Prevention of Money Laundering Act (PMLA) 2002.
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FIU imposes Rs 18.82 crore penalty on crypto exchange Binance
Economic Times
·
1y ago
Medial
Cryptocurrency exchange Binance has been fined Rs 18.82 crore ($2.5 million) by the Financial Intelligence Unit of India (FIU-IND) for not complying with anti-money laundering laws. In December 2023, the FIU-IND issued a show cause notice to Binance and eight other global exchanges for operating in India without following the necessary regulations. After reviewing the submissions, the FIU-IND found the charges against Binance to be true and imposed the highest-ever penalty on a crypto entity in India. The tax implications of Binance's operations will also be scrutinized by the Income Tax department.
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PayPal amends terms and conditions to comply with EU law
Economic Times
·
1y ago
Medial
PayPal has made amendments to its terms and conditions to comply with the European Union law. The changes have been implemented in order to ensure transparency and compliance with regulations related to digital payments. The updated terms and conditions will come into effect on January 31, 2022.
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