Nine offshore bitcoin exchanges have received a show-cause notice from the Financial Intelligence Unit after it was purported that they were operating unlawfully in India by disobeying the anti-money laundering legislation of that nation.

In Short
• Nine offshore cryptocurrency exchanges have received show-cause notices from the FIU.
• MeitY has been advised to block the URLs of the nine cryptocurrency exchanges by the FIU.
• The nine bitcoin exchanges have been shut down for breaking the anti-money laundering legislation in India.

Nine offshore cryptocurrency exchanges have received a show-cause notice from the Financial Intelligence Unit (FIU) of the Indian Finance Ministry, which has also requested that their URLs be blocked in India by the Ministry of Electronics and Information Technology (MeitY). The Indian anti-money laundering statute is allegedly not being followed, which is why action has been taken. These nine cryptocurrency exchanges, which include Binance and Kucoin, have been conducting illegal business in India, according to the notification issued by the FBI. Nine exchanges—Binance, Kucoin, Huobi, Kraken,, Bittrex, Bitstamp, MEXC Global, and Bitfenex—have been given notice to show reason.

“The Financial Intelligence Unit India (FIU IND) has issued compliance Show Cause Notices to the following nine offshore Virtual Digital Assets Service Providers (VDA SPs) under Section 13 of the Prevention of Money Laundering Act, 2002 (PMLA) as part of compliance action against the offshore entities,” the show cause notice states.

Major cryptocurrencies saw gains in Thursday’s trading as market confidence that the Federal Reserve is done raising interest rates was bolstered by new inflation data.

In the meantime, US retail sales declined in October following many months of robust increases, suggesting a weakening economy and reinforcing views that the Fed will stop raising rates.

The price of Bitcoin was up 5.2% at $37,415, while Ethereum, the second-most popular currency, was up 3.6% at $2,054. The value of the world’s cryptocurrency market increased by 4.8% in the previous day to approximately $1.43 trillion at the same time.

Following a significant liquidation of leveraged positions totaling close to $100 million for the day, Bitcoin (BTC) is up 5%, trading around $37,700. The Federal Reserve’s easing cycle narrative is being supported by US inflation and retail statistics, which is driving the market recovery along with aggressive purchasing and macroeconomic fundamentals.

Over the course of the last day, Bitcoin has increased by more than 5%, trading at almost $37,500. This rise continues despite the US SEC not providing any updates on applications for Bitcoin Spot ETFs.”

Popular altcoins like Avalanche and Solana saw increases of 13% and 25%, respectively. Moreover, XRP, Cardano, Dogecoin, Toncoin, BNB, and Polkadot all saw 2-6% increases.

The largest cryptocurrency in the world, Bitcoin, saw a rise in market capitalization to $730 billion in the past day. Currently, 51.06% of the market is made up of Bitcoin, according to CoinMarketCap. The volume of BTC increased 21.76% to $28.3 billion in the last day.

With success, Bitcoin has maintained its $35,000 level of support and is moving closer to $38,000. In the next weeks, $40,000 becomes a possibility if this threshold is crossed. Many altcoins have the potential to catch up and push the entire market capitalization of cryptocurrencies towards $1.5 trillion if Bitcoin stays in its current range of prices.