CoinDCX issues bonus to users moving assets from non-FIU compliant exchanges

Cryptocurrency exchange CoinDCX said that it would be issuing 1% bonus to users who would be migrating their assets to the platform from off-shore or non-compliant exchanges.

The company will be using as much as $1 million to fund this process from it's treasury, the company said in a statement.

The bonus will be applicable to all those who make crypto deposits between Jan 9 and 17 this year.

"We have always advocated investors to use platforms that prioritise compliance with regulatory frameworks and local laws. As a responsible player in the Indian crypto ecosystem, 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," said Minal Thukral, EVP, Growth & Strategy, CoinDCX.

This comes shortly after the Financial Intelligence Unit (FIU) issued a notice to foreign crypto exchanges like Binance and KuCoin for non compliance with the anti-money laundering law.

According to reports, FIU had written to the Ministry of Electronics and Information Technology to block the URLs of nine entities that are operating illegally without complying with the provisions of the PML Act in India.

As many as 28 virtual digital asset companies have registered under the FIU as of December 2023. This list includes CoinDCX and its rival WazirX and CoinSwitch among others.