CoinDCX rewards users transferring assets from exchanges not compliant with FIU

• ByStartupStory     |    January 10, 2024

Crypto exchange CoinDCX announced a 1% bonus for users shifting their assets from non-compliant or offshore exchanges to their platform. Allocating up to $1 million from its treasury, the company aims to support this migration between Jan 9 and 17, 2024, as mentioned in their statement.

Minal Thukral, EVP of Growth & Strategy at CoinDCX, emphasized the platform’s commitment to compliance with local laws, stating, ‘We understand the urgency for investors to transition their assets from non-FIU compliant offshore exchanges. The $1 million Treasury Fund is a step in that direction.’

This move by CoinDCX comes following notices from the Financial Intelligence Unit (FIU) to foreign exchanges like Binance and KuCoin for non-compliance with anti-money laundering laws. 

Reports indicate the FIU urging the Ministry of Electronics and Information Technology to block URLs of nine entities operating in India without adhering to the PML Act provisions.

As of December 2023, 28 virtual digital asset companies, including CoinDCX, WazirX, and CoinSwitch, have registered under the FIU in India.

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