India Tightens Grip on Crypto, Orders Exchanges to Halt Privacy Coins
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India's Financial Intelligence Unit has directed exchanges to halt trading in privacy-focused cryptocurrencies like Monero and Zcash due to money laundering concerns. Exchanges must implement stricter KYC and monitoring measures to classify user risk. This move signifies increased regulatory scrutiny in the Indian crypto market.
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- India’s FIU ordered exchanges to stop trading and transfers of privacy-focused cryptocurrencies.
- Tokens like Monero and Zcash were flagged for high money-laundering risks.
- Exchanges must follow stricter KYC, monitoring, and user risk classification rules.
India has moved to further tighten oversight of the cryptocurrency sector, directing exchanges to stop dealing in privacy-focused digital tokens such as Monero and Zcash, citing heightened risks of money laundering and illicit finance.
As reported by ET, the directive was issued by the Financial Intelligence Unit (FIU), which operates under the finance ministry and is responsible for tracking suspicious financial activity.
Privacy Coins Flagged as High Risk
According to the updated guidance, crypto exchanges and intermediaries registered in India must not allow deposits, withdrawals, or trading in so-call…
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