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  • Context (TH): FIU issued Binance and other crypto exchanges with show-cause notices.

Financial Intelligence Unit (FIU)

Crypto Exchanges in India

  • A cryptocurrency exchange works similarly to stock exchanges, which helps investors buy and sell in digital currencies such as Bitcoin, Ethereum, or Tether.
  • These platforms work on digital marketplaces such as mobile apps or via desktop functions.
  • India will block URLs of 9 offshore exchanges, including Binance, after issuing ‘Show Cause’ notices.
  • The Finance Ministry mandated that crypto businesses register with the FIU and comply with the PMLA.
  • Crypto businesses will become legally obligated to perform Know Your Customer (KYC).
  • The obligation is activity-based and not physical presence-based.
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