Crypto Winter Deepens In India As Financial Intelligence Targets Binance, KuCoin
Portfolio Pulse from Murtuza Merchant
India's Financial Intelligence Unit has issued notices to nine major offshore crypto exchanges, including Binance and KuCoin, for non-compliance with AML and CFT regulations. The FIU IND has requested the blocking of their URLs to prevent illegal operations in India. These platforms have not registered under the PMLA, which is mandatory for operating in India. This regulatory action indicates a tightening of cryptocurrency market regulations in India and could have significant implications for these platforms and their Indian user base.

December 28, 2023 | 8:05 pm
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Binance's cryptocurrency, BNB, may face negative pressure in the short term due to regulatory actions by India's FIU against Binance for non-compliance with AML and CFT regulations.
The regulatory scrutiny and potential blocking of Binance in India could lead to a loss of a significant user base, creating negative sentiment and potential sell-off pressure on BNB in the short term.
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