The FIU issued a notice of non-compliance against 10 foreign crypto exchanges on Dec. 28, and by the second week of January, both Apple and Google app stores removed these applications from their platform.
Indian crypto exchanges are promising hassle free transfer for users who want to transfer their crypto assets from foreign crypto exchanges after the Financial Intelligence-led IP ban on off-shore crypto exchanges like Binance, OKX and several others.
A number of Indian crypto exchanges have come up with lucrative fee waiver deals for users who have their funds stuck on banned foreign crypto exchanges. First, CoinDCX, one of the largest Indian crypto exchanges by trading volume, announced that it had set aside $1 million to help users transfer their assets on to complaint crypto exchanges.
Later, another Indian crypto exchange BuyUcoin announced zero fee transfer for users from off-shore exchnages in light of the FIU ban. A spokesperson from the exchange told Cointelegraph that they believe FIU’s move is a correct step towards investor protection and also towards enforcing capital flight rules and regulations on foreign exchange entities.
