CosmicTaco

Crypto Platforms Plead to Restart India Operations Amid Pending GST Dues

CosmicTaco · 2024-09-12T10:01:21.339110+05:30

- The Finance Ministry's Financial Intelligence Unit (FIU) will hear pleas from seven offshore crypto exchanges this week. - Exchanges like Bitfinex, MEXC Global, Kraken, Huobi, Gate.io, Bittrex, and Bitstamp were banned for non-compliance with the Prevention of Money Laundering Act (PMLA). - The ban may be lifted if these platforms pay pending GST dues amounting to around INR 2,900 Cr. - Compliance with PMLA provisions, including KYC norms and reporting of suspicious transactions, is mandatory for resumption. - GST authorities may also send notices to other foreign crypto exchanges that previously operated in India. Source: [Inc42](https://inc42.com/buzz/fiu-to-hear-pleas-of-seven-banned-crypto-platforms-to-restart-india-ops/)

The Finance Ministry's Financial Intelligence Unit (FIU) will hear pleas from seven offshore crypto exchanges this week.
Exchanges like Bitfinex, MEXC Global, Kraken, Huobi, Gate.io, Bittrex, and Bitstamp were banned for non-compliance with the Prevention of Money Laundering Act (PMLA).
The ban may be lifted if these platforms pay pending GST dues amounting to around INR 2,900 Cr.
Compliance with PMLA provisions, including KYC norms and reporting of suspicious transactions, is mandatory for resumption.
GST authorities may also send notices to other foreign crypto exchanges that previously operated in India.

Source: Inc42