On 28 December 2023, the Financial Intelligence Unit India (FIU IND) issued a compliance Show Cause Notice to Huobi, an offshore Virtual Digital Assets Service Provider (VDA SP). This action was taken under Section 13 of the Prevention of Money Laundering Act, 2002 (PMLA). Huobi, along with other VDA SPs, was found to be non-compliant with the Anti Money Laundering/Counter Financing of Terrorism (AML-CFT) framework, including the business registration requirement, in March 2023. The FIU IND has also requested the Ministry of Electronics and Information Technology to block the URLs of Huobi for operating illegally without complying with the PML Act in India.
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