Financial Intelligence Unit Financial News

cryptocurrency exchange Coinbase Global has registered with India's Financial Intelligence Unit (FIU), allowing it to offer crypto trading services in the country, the company said on Tuesday. Coinbase said it plans to launch its initial retail services later this year and roll out additional investments and products thereafter, but did not disclose a specific timeline.

Financial Intelligence Unit has slapped a penalty of Rs 18.82 crore on one of the world's largest crypto exchange Binance for alleged contravention of the country's anti-money laundering law. The federal agency issued an order Thursday charging the exchange with «dereliction of duty» as a reporting entity, with its operations that of a Virtual Digital Asset Service Provider, under the Prevention of Money Laundering Act (PMLA). The summary order accessed by PTI said Binance was first issued a notice in December last year since it operated in India and provided services to Indian clients.

Financial Intelligence Unit (FIU) has approved the applications of offshore cryptocurrency exchanges Binance and Kucoin to register them as Virtual Asset Service Providers (VASPs) to trading in India, a top government official said. Kucoin paid a penalty of Rs 35.5 lakh for past non-compliances and the ban on its websites has been lifted. Meanwhile, Binance's quantum of liabilities is still being computed, he said.

Binance, the world’s largest cryptocurrency exchange that was banned by the government in January, is poised to return to India by paying a penalty of about $2 million, people aware of the developments told ET.

Mudrex, a leading global crypto investment platform, announced support for over 200+ tokens and introduced free and seamless crypto transfers from Binance, following the Financial Intelligence Unit’s showcase notice to Binance and eight other crypto exchanges for non-compliance with anti-money laundering standards in India. This strategic move aims to empower crypto users on these international exchanges, ensuring their security and the safety of their digital assets. «One of the standout features of this release is the introduction of free and seamless crypto transfers from Binance. Mudrex users can now transfer their crypto assets from Binance without incurring any gas fees, ensuring it doesn’t eat into your profits, on top of being a streamlined process,» Mudrex said in a release. To further enhance user confidence and accessibility, Mudrex has also introduced one-on-one expert support. This personalized assistance is designed to cater to users handling larger amounts or those who may not be entirely comfortable with crypto transfers. The expert support ensures that users have a dedicated resource to guide them through the process, addressing any concerns and providing valuable insights, the crypto platform said.

The Korea Financial Intelligence Unit (KoFIU) in a meeting on Thursday told the Korean crypto industry to double down on their efforts to prevent illegal activities.

As FTX’s bankruptcy proceedings continue to ravage through the crypto markets, the authorities of the Bahamas, where the exchange is headquartered, are investigating the activities of the collapsed business, according to Ryan Pinder, the nation’s attorney general and Minister of Legal Affairs.