Centre may bring the curtain down on offshore crypto trading apps over flouting PMLA
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The government is reportedly mulling further action, including a potential ban on Indian operations of overseas cryptocurrency apps, such as Binance, if they are found guilty under the Prevention of Money Laundering Act (PMLA). “The action so far has been on reports and show cause notices issued to these (digital) wallets by the finance ministry,” ET reported, citing an IT ministry official.