India's financial intelligence agency plans to approve two more offshore cryptocurrency exchanges to resume operations in the country

2024-09-06 20:44:22

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ChainCatcher news, the Indian Financial Intelligence Unit (FIU) plans to approve two more offshore cryptocurrency exchanges to resume operations in the country.

According to reports, the financial intelligence agency (FIU) responsible for India's anti-money laundering (AML) compliance is reviewing requests from four overseas cryptocurrency exchanges that were previously banned for non-compliance with the country's anti-money laundering regulations.

Insiders stated, "We have received requests from four more offshore cryptocurrency exchanges to operate in India, and we expect at least two of them to be allowed to resume operations by the end of the fiscal year 2025. This decision will be made after a thorough review of transaction visibility, suspicious transaction reporting, and other related issues."

It is reported that in January of this year, the Indian financial intelligence agency (FIU) blocked the URLs and mobile applications of nine foreign cryptocurrency exchanges due to their non-compliance with the country's anti-money laundering norms.

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