India Cracks Down on Privacy Coins
According to a report by The Economic Times, India's Financial Intelligence Unit (FIU) has directed local crypto exchanges to stop supporting privacy-focused digital assets, labeling them as unacceptable under new risk mitigation protocols.
Exchanges Face New Compliance Demands
Platforms are now required to block deposits and withdrawals of anonymous tokens. Authorities have expressed concern over mixer and tumbler services enabling illicit fund flows that are difficult to trace.
Focus Shifts Toward Transaction Transparency
Operators must collect data on transfers to non-custodial wallets and consider imposing transaction limits. These measures aim to enhance transparency and align crypto activities with national financial security standards.