How Does India’s FIU Ban Impact Your Cryptocurrency Investments? – Forbes Advisor INDIA
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With the high adoption of cryptocurrencies globally, there’s also a subsequent increase in the number of cryptocurrency exchanges—platforms that allow users, traders or investors to buy, sell and store virtual currencies.
A crypto exchange works exactly like a stock exchange that helps users to trade in digital currencies such as Bitcoin, Tether or Ethereum. These exchanges work on digital marketplaces like desktop functions similar to e-brokerages or mobile applications. Cryptocurrency exchanges also provide users with an array of trading and investing tools.
In the latest development on cryptocurrency exchanges domestically, the Indian government has actioned blocking URLs of nine cryptocurrency exchanges in India. Here’s all you need to know.
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India to Ban URLs of Certain Crypto Exchanges
On Dec. 28, 2023, a show cause notice was sent to nine offshore crypto exchanges by the Financial Intelligence Unit (FIU) after they were found to be “illegally operating” and not in compliance with India’s anti-money laundering law. The FIU comes under the Indian Finance Ministry and has asked the Ministry of Electronics and Information Technology (MeitY) to block URLs of the nine cryptocurrency exchanges in India.
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Know more about the best crypto exchanges in India.
Featured Partners
Legacy
Over 1 Million Investors Trust Mudrex for Their Crypto Investments
Security
Mudrex is Indian Govt. recognized platform with 100% insured deposits stored in encrypted wallets
Fees
Enjoy zero crypto deposit fees and industry’s best fee rates.
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