Financial Intelligence Unit asks MeiTY to block URLs of 9 offshore crypto platforms like Binance and Kucoin — Check full list

The Financial Intelligence Unit (FIU) under Finance Ministry on Thursday issued show cause notices to nine offshore cryptocurrency and virtual digital assets platforms, including Binance and Kucoin, for non-compliance with anti-money laundering law. The FIU has also written to the Ministry of Electronics and Information Technology (MeiTY) to block URLs of these 9 entities that are operating illegally without complying with the provisions of the PML Act in India.

Apart from Binance and Kucoin, the other virtual digital assets service providers (VDA SP) who have been issued notice for not registering as reporting entities with the FIU-India are Huobi, Kraken, Gate.Io, Bittrex, Bitstamp, MEXC Global, and Bitfenex.

Financial Intelligence Unit issues notice to 9 offshore crypto platforms: Full list, names and addresses of errant platforms

1) Binance

Binance Investments Co., Ltd  - House of Francis, Room 303, IIe Du Port, Mahe, Seychelles

Binance Holdings Limited - C/o International Corporation Services Ltd Harbour Place, 2nd Floor North Wing George Town, Grand Cayman Cayman Islands

Binance (Switzerland) AG, Gubelstrasse 11, 6300 Zug.
 

2) Kucoin

Mek Global Limited, c/o Vistra (Seychelles) Limited- Vistra Corporate Services Centre Suite 23, 1st Floor, Eden Plaza City, Eden Island, Mahé Country, Seychelles.

Phoenixfin Pte. Ltd - 2 Science Park Drive, #01-03 Ascent Country: Singapore
 

3) Huobi

Sinohope Technology Holdings Ltd (Formerly New Huo Technology Holdings Ltd), Hong Kong

Huobi Global Limited - 8 Marina Vw Central Business District , Singapore

4) Kraken

Payward Trading Ltd - C/o SHRM Trustees (BVI) Limited, P.O. Box 4301, VG1110, Road Town, British Virgin Islands

5) Gate.io

Gate Technology Incorporated - George Town, Midland, Cayman Islands

6) Bittrex

Bittrex Inc - 800 5th Ave, Seattle, WA 98104, United States

7) Bitstamp

Bitstamp Europe S.A. -  40, Avenue Monterey, L-2163 Luxembourg, Grand Duchy Of Luxembourg

Bitstamp UK Limited - 5 New Street Square, London

Bitstamp Global Ltd - Floor 4, Banco Popular Building, Road Town, Tortola VG1110, British Virgin Islands

Bitstamp USA, Inc - 27 Union Square West, New York

8) MEXC Global

MEXC Technology Limited - 501 E 14th Ave, Denver, COLORADO

Mexc Global Foundation Ltd - 140 Paya Lebar Road, #10-09, Az Paya Lebar, Singapore

MEXC Global - Manglier Street, Mahé, Victoria, Seychelles

9) Bitfinex

iFinex Inc - 3rd floor, Jayla Place, Wickhams Cay, Road Town, Brtish Virgin Islands.

BFXWW Inc.- c/o SHRM Trustees (BVI) Limited, P.O. Box 4301, Trinity Chambers, Road Town, Tortola, British Virgin Islands.

The virtual digital assets service providers operating in India (both offshore and onshore) and engaged in activities like exchange between virtual digital assets and fiat currencies, transfer of virtual digital assets, safekeeping or administration of virtual digital assets or instruments enabling control over virtual digital assets etc are required to be registered with FIU IND as 'Reporting Entity' and comply with the set of obligations as mandated under Prevention of Money Laundering Act (PMLA) 2002.

The obligation is activity-based and is not contingent on physical presence in India.

The regulation casts reporting, record keeping, and other obligations on the VDA SPs under the PML Act which also includes registration with the FIU IND, the finance ministry said.

"As part of compliance action against the offshore entities, Financial Intelligence Unit India (FIU IND) has issued compliance Show Cause Notices to following nine offshore Virtual Digital Assets Service Providers (VDA SPs) under Section 13 of the Prevention of Money Laundering Act, 2002 (PMLA)," the ministry said in a statement.

Under the I-T Act, reporting entities are required to file statements of financial transactions (SFT) with the tax department containing details of certain financial transactions or any reportable account maintained by them during the year.

In March, the government had brought VDA SPs into the ambit of the Anti Money Laundering/Counter Financing of Terrorism (AML-CFT) framework under the provisions of PMLA.

Till date, 31 VDA SPs have registered with FIU IND.

However, several offshore entities catering to a substantial part of Indian users were not getting registered and coming under the Anti Money Laundering (AML) and Counter Financing of Terrorism (CFT) framework, it added.

FIU-IND is the central, national agency responsible for receiving, processing, analyzing and disseminating information relating to suspect financial transactions to enforcement agencies and foreign FIUs.

(With Agency Inputs)