Crypto Platforms Plead to Restart India Operations Amid Pending GST Dues

• The Finance Ministry's Financial Intelligence Unit (FIU) will hear pleas from seven offshore crypto exchanges this week.
• Exchanges like Bitfinex, MEXC Global, Kraken, Huobi, Gate.io, Bittrex, and Bitstamp were banned for non-compliance with the Prevention of Money Laundering Act (PMLA).
• The ban may be lifted if these platforms pay pending GST dues amounting to around INR 2,900 Cr.
• Compliance with PMLA provisions, including KYC norms and reporting of suspicious transactions, is mandatory for resumption.
• GST authorities may also send notices to other foreign crypto exchanges that previously operated in India.

Source: Inc42