Reddit Posts
South Korea’s FIU Gears Up for Stringent Regulations on Crypto Mixers
Google Play Store in India blocks Binance, OKX in response to FIU notice
Apple India Takes Action: Blocks Binance and 9 Other Crypto Exchanges Amid FIU Notice
Indian Financial Intelligence Unit Checkmates International Crypto Exchanges | But May Not Help Domestic Crypto Exchanges Either
Indian Crypto Exchanges Benefit from Finance Ministry Notice | Funds Coming In From Foreign Crypto Exchanges | What Is This All About?
Revolutionizing Publishing: FIU Student Publishes 53,823 BBC Articles on the Litecoin Network
Mentions
tldr; Binance, a cryptocurrency exchange, plans to re-enter the Indian market by paying a $2 million fine. This move comes after Binance and other exchanges were removed from the Apple Store in India following compliance notices from India's Financial Intelligence Unit. Once the fine is paid, Binance will operate as an FIU-registered firm in India. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
please attempt to seriously explain me the benefits of non-kyc sats under the consideration of anti-money-laundering (AML) regulations that most "western" countries have implemented ( UK, US, EU, ...) and you happen to live your life there. for example, in my country, if you buy a house or do other larger investments, you have to explain (even are asked to "prove") where your funds are coming from. otherwise or on suspicion, the involved financial institute/attorney/escrow agent has to put your transaction on hold and report you to some agency (called financial intelligence unit (FIU)) which might open an investigation and could even seize all involved assets. now, I think non-kyc sats are kind of a red flag (even more so if they actually can be tracked back to some crime), while kyc sats that can be tracked to a legitimate purchase that you did under your own name are not.
The FIU (Financial Intelligence Unit of India) is the body appointed to oversee all crypto companies in India. They are not very comfortable with money moving in and out of India unless it is through the proper channels. They believe crypto companies are "enablers" if the withdrawn crypto is used for any violation of laws, crimes, etc. Hence, they hold the crypto company liable for any unforeseen circumstances. This is why most platforms do not offer withdrawals or restrict them to a large extent. But we provide a different method so that our clients can trust us as their custodians of assets. This is the current state of regulations in India. P2P isnt stopping anytime soon though.
tldr; Google's Play Store in India has removed the Binance and OKX crypto exchange apps following a notice from the Financial Intelligence Unit (FIU) of the Indian Ministry of Finance. The FIU notice, issued on Dec. 28, 2023, stated that exchanges serving Indian users must register as a reporting entity and comply with income tax reporting requirements. The FIU also suggested blocking the websites of non-compliant exchanges. Despite the Play Store block, Binance's app and website continue to operate for existing users in India. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
tldr; Google pulled many crypto exchanges, including Binance and Kraken, from its Play Store in India on Saturday, the latest blow to India’s already dwindling web3 dream. The ban comes two weeks after these global firms were flagged for operating “illegally” in the country. Financial Intelligence Unit (FIU), an Indian government agency that scrutinizes financial transactions, […] © 2023 TechCrunch. All rights reserved. For personal use only. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
tldr; India's Financial Intelligence Unit has called for the ban of 9 cryptocurrency exchange URLs due to non-compliance with the Prevention of Money Laundering Act. The affected exchanges include Binance, Kraken, Huobi, Kucoin, Bittrex, Gate.io, Bitstamp, Bitfinex, and MEXC Global. The ban is part of India's efforts to increase regulation in the crypto market, requiring firms to register with the FIU and adhere to AML and CFT frameworks. Despite 31 entities being registered, several have not complied, leading to the issuance of 'show cause notices' to the nine non-compliant firms. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
tldr; The Indian government has issued show cause notices to nine offshore crypto exchanges, including Binance, under the Prevention of Money Laundering Act (PMLA). These notices were sent by India's Financial Intelligence Unit (FIU) as part of the Finance Ministry. The government is also initiating steps to block the URLs of these exchanges for operating illegally without complying with PMLA provisions. The exchanges affected are Binance, KuCoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex. This follows a mandate in March requiring crypto businesses to register with the FIU and adhere to KYC verification processes. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
tldr; South Korean Bitcoin lender Delio is planning to sue regulators for what it claims is a wrong interpretation of the law. The Financial Service Committee (FSC) has accused Delio of fraud and embezzlement, but the lender argues that the allegations are baseless. Delio claims that the regulators unreasonably applied the law in a situation where there were no clear regulations for virtual asset deposit and management products. The Financial Intelligence Unit (FIU) recommended the dismissal of Delio's CEO and imposed a three-month business suspension and a fine. Delio argues that the regulators' actions could kill the domestic virtual asset industry. The major issue of conflict is the interpretation of existing laws regarding virtual asset lending and storage. Delio argues that it is unclear whether virtual asset deposits and management products are considered financial products under current law. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
Doesn’t matter. If he sells his crypto and send those funds to his payment account. His bank will ask questions. If the origin of the crypto remains unclear, the FIU will be notified.
> Rep. Kim Nam-kuk of the Democratic Party of Korea allegedly withdrew 800,000 WEMIX tokens from late February to early March in 2022, and the transactions were reported to the Financial Services Commission's Financial Intelligence Unit (FIU), according to CoinDesk Korea. Kim's WEMIX holdings stood at 6 billion won ($4.5 million) between January and February 2022. > South Korea implemented global standard-setter FATF's travel rule on March 25, 2022, shortly after Kim reportedly made his withdrawals. The travel rule requires exchanges to collect personal data on transactions and report them to authorities when they exceed a certain threshold. > Kim said that he did not cash out his tokens and did not violate any laws, according to the report. There is no reporting requirement for virtual assets in South Korea's Public Service Ethics Act. > WEMIX was delisted from major exchanges in South Korea last year for allegedly reporting inaccurate circulation supply figures. Its issuing company WeMade unsuccessfully challenged the delisting in court. Smells of insider trading. Withdrawn just before the travel rule and then WEMIX delisted later.
tldr; Indian investigation agencies are probing three crypto exchanges for their roles in illegal drug trade transactions after they were alerted by the Financial Intelligence Unit (FIU), which has zeroed in on nearly 200 such transactions. These financial dealings for suspected drug deals in Nigeria, the Cayman Islands, and the British Virgin Islands were reportedly carried out through three Indian digital asset management companies. Enforcement Directorate and Income Tax Department, among other agencies, are probing the case. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
tldr; South Korea's Woori Bank headquarters was the scene of a "search and seizure" by the Daegu District Prosecutor's Office’s Anti-Corruption Investigation Department. The Financial Investigation Unit (FIU) and the Financial Supervisory Service (FSS) were able to find $3.4 billion in unauthorized cryptocurrency-related foreign exchange transactions. The FSS recently revealed that $680 million worth of “abnormal” crypto-related money transfers had taken place. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
> Last year, prompted by the mandatory requirements that the Financial Intelligence Unit (FIU) enforced, over 60 trading venues halted their operations. Clearing the competition for the likes of Samsung to come in and monopolise.