India has taken significant action against the crypto sector by removing Bybit, Bitget, and Bitmart from the Play Store. This move highlights the country's stringent regulatory stance on cryptocurrency exchanges.
The Financial Intelligence Unit (FIU) issued compliance notices to these platforms, citing their failure to adhere to the Prevention of Money Laundering Act (PMLA). This act is part of India's broader effort to ensure that all financial operations, including crypto exchanges, comply with anti-money laundering (AML) and combating the financing of terrorism (CFT) regulations.
The Indian government is intensifying its crackdown on offshore crypto exchanges, emphasizing the need for strict adherence to Know Your Customer (KYC) protocols and regulatory requirements. This regulatory tightening aims to ensure that all crypto transactions within the country are transparent and secure, aligning with global standards for financial operations.
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