WHY  India Cracks Down on 8 Crypto Exchanges : Access Denied

India's FIU slaps show cause notices on Binance, Kucoin & 7 offshore crypto exchanges for flouting compliance.

Exchanges accused of illegal crypto operations in India without registering under anti-money laundering law PMLA.

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FIU asserts significant business done by offshore platforms without Indian regulatory compliance.

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Authority invokes extra-territorial powers under PMLA demanding compliance irrespective of jurisdiction.

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Notices give exchanges a chance to explain lapses before punitive action like potential URL blocking.

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Crackdown aims to extend AML/KYC coverage to offshore entities serving Indian crypto users.

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It can impact trading volumes and platform preferences if exchanges are blocked for non-compliance.

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While repercussions are uncertain, India signals era of unchecked offshore crypto operations is ending.

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Prudent regulation can place crypto sector on sustainable trajectory. Exchanges must collaborate with authority.

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Compliance, transparency and reciprocal coordination vital for India to tap crypto's promise responsibly.

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