Financial Intelligence Unit India (FIU) has issued a show cause notice to 9 off-shore CEX (Centralized Exchanges) namely Binance, Kucoin, Gate, Huobi, Kraken, Bittrex, Bitstamp, MEXC, Bitfinex.
India set to slam the door on crypto exchanges like Binance claiming that they are operating illegally there and they are about to block local access to their website. FIU India has issued a so called compliance show cause notice to exchanges like binance, kucoin, kraken and more others.
FIU India wrote a letter to Ministry Of Electronics and Information Technology to block Urls of 9 Currency Exchanges (CE) that are operating illegally without complying with PML Act in india.
India is under the Radar as FATF (Financial Action Task Force) is examining Anti-Money laundering moves and Terrorism financing. They are making sure if India follow the rules and if their plan works or not.
This news is spreading across the internet like wildfire. Indians are withdrawing funds from exchanges due to fears of a ban. People are in a panic, leading to significant selling across various entities by Indian users.
What should the Indian user needs to do in this situation is not to panick and stay clam as this is a warning to the CE (Currency Exchanges).They need to implement some changes asked by the FIU India. So my advice to the Indian user is to Use web3 wallets or other wallets to secure their assets as it will increase the security of their crypto assets.