The Financial Intelligence Unit of India (FIU IND) has taken a significant regulatory step by issuing compliance show cause notices to nine major offshore Virtual Digital Assets Service Providers (VDA SPs). These notices are in response to the entities’ alleged failure to comply with India’s Anti Money Laundering (AML) and Counter Financing of Terrorism (CFT) framework under the Prevention of Money Laundering Act (PMLA) of 2002. The nine entities facing regulatory scrutiny include some of the world’s largest cryptocurrency exchanges: Binance (CRYPTO: BNB), Kucoin, Huobi, Kraken, Gate.io, Bittr…