Govt warns 15 crypto exchanges, orders to block apps
NEW DELHI: Financial Intelligence Unit (FIU), a government agency that tracks money laundering and financial crimes, has sent official warning notices to 15 foreign cryptocurrency exchanges, the agency said on Wednesday.
Since March 2023, any company that lets people buy, sell, store, or transfer cryptocurrency called virtual digital assets (VDA) has to register with the FIU, even if the company is based outside India.
The federal probing agency said that the notices were issued under Section 13 of the Prevention of Money Laundering Act (PMLA), 2002. Moreover, the FIU has also separately ordered the takedown of the entities’ apps and URLs for public access in India.
