India's crypto exchanges flouted KYC, money laundering norms: ED

The latest findings by the federal agency have come to light during its ongoing probe into forex violation by at least 11 crypto exchanges

India’s top cryptocurrency (crypto) exchanges have facilitated transactions from other countries, including the US, Brazil, and Germany, on their platform without complying with know-your-customer (KYC) regulations and anti-money laundering (AML) norms as prescribed under the foreign exchange (forex) rules, reveals the Enforcement Directorate’s (ED’s) latest probe findings.

Further, investments to the tune of $1 billion received by these crypto players from global capital ventures, such as Sequoia, Tiger Global, etc, in the past three years have not been disclosed in the Reserve Bank of India (RBI)-mandated foreign currency-gross provisional return (FC-GPR) filing in many cases.

FC-GPR is a must when a company