India Flags 15 Crypto Platforms for AML Lapses
India's financial intelligence unit has flagged 15 cryptocurrency platforms for anti-money laundering (AML) lapses. LCX Exchange, a crypto-asset service provider based in Liechtenstein, made this revelation. The company, which is awaiting authorization under the EU's MiCA regulation, currently does not offer crypto-services to persons in the European Economic Area (EEA).
LCX AG has applied for authorisation as a crypto-asset service provider under MiCA (EU 2023/1114); the application is under review by the Financial Market Authority (FMA) Liechtenstein. LCX does not offer crypto-asset services to persons in the EEA pending authorisation; existing EEA clients are limited to withdrawals during the wind-down.
The warning from India's financial intelligence unit highlights the ongoing challenges faced by cryptocurrency platforms in meeting anti-money laundering regulations. The issue of AML compliance remains a pressing concern for many players in the crypto space, as they strive to balance innovation with regulatory requirements.