Google Removes Foreign Crypto Apps from Play Store in India

Indian Finance Ministry issues show cause notice to crypto exchanges

In the last few days of December 2023, the Indian Finance Ministry’s Financial Intelligence Unit (FIU) issued a show cause notice to nine offshore cryptocurrency exchanges, including Binance and Kraken, alleging that the exchanges had been engaging in unauthorized operations in India. The show cause notice was issued under Section 13 of the Prevention of Money Laundering Act (PMLA) of 2002, which requires virtual digital asset service providers (VDA SPs) to register with FIU India and comply with the specified requirements outlined in the act.