RBI Cracks Down on Illicit Crypto Activity, Blocks Access to 15 Offshore Exchanges

The Reserve Bank of India (RBI) has ordered the takedown of 15 offshore cryptocurrency platforms for non-compliance with anti-money laundering (AML) regulations. The move is aimed at cracking down on illicit activities in the crypto space.

The RBI issued a circular to banks, instructing them to block access to these platforms. This means that Indians will no longer be able to use their bank accounts to buy or sell cryptocurrencies through these platforms.

While the RBI has not disclosed the names of the affected platforms, industry insiders suggest that they are some of the largest and most popular crypto exchanges in the world.