BuyUcoin™ becomes an FIU Registered Reporting Entity, Demonstrating its Commitment to Financial Compliance for Virtual Digital Assets

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BuyUcoin™ becomes an FIU Registered Reporting Entity, Demonstrating its Commitment to Financial Compliance for Virtual Digital Assets
BuyUcoin™ becomes an FIU Registered Reporting Entity, Demonstrating its Commitment to Financial Compliance for Virtual Digital Assets

This registration demonstrates BuyUcoin’s dedication to operating with the highest levels of transparency and integrity.

India, November 17, 2023: BuyUcoin, India’s second-oldest digital asset exchange, today announced that it has become a Financial Intelligence Unit-India (FIU-IND) registered reporting entity under the latest anti-money laundering laws (PMLA) implemented by the Government of India. The FIU registration marks an important step in adhering to anti-money laundering (AML) and combating the illicit use of virtual digital assets (VDAs). This registration demonstrates BuyUcoin’s dedication to operating with the highest levels of transparency and integrity.

The Financial Intelligence Unit of India is the central, national agency responsible for receiving, processing, analyzing, and disseminating information relating to suspect financial transactions to enforcement agencies and foreign FIUs. Registration with the FIU is mandatory for certain types of financial institutions, including BuyUcoin. By completing this process, BuyUcoin has demonstrated its commitment to identifying and reporting suspicious transactions, ensuring that its services and platform are not used for illicit activities.

According to the latest laws notified by the government of India in March 2023, virtual digital asset service providers, including exchanges, are required to comply with PMLA guidelines, which include reporting suspicious transactions, keeping records of transactions, KYC records, and collaborating with government agencies to ensure the highest level of AML procedures and protocols. BuyUcoin has a rich user base of over 1 million active users.

Commenting on the development, Shivam Thakral, CEO of BuyUcoin, said, “Our registration with the FIU is a testament to our commitment to operating with the highest ethical standards and protecting our customers and the financial system from the risks of money laundering and other fraud. We are committed to working with the FIU and other regulatory bodies to combat money laundering and terrorism financing.”

He added, “I strongly believe that India will lead the world in business-friendly policies around digital assets, and such initiatives will enable us to create an environment of transparency and trust within the digital asset ecosystem. Our aim is to educate our users about the latest compliance and empower them to leverage the true potential of the Web3 ecosystem.”

In addition to registering with the FIU, BuyUcoin has implemented a comprehensive AML/CFT program that includes a customer identification and verification (CIP) program to verify the identity of its customers, ongoing monitoring of customer transactions for suspicious activity, and a robust reporting system for suspicious transactions to the FIU.

BuyUcoin is India’s leading digital asset exchange, operating since 2016. BuyUcoin has a large user base of over 1 million active users and offers VDA trading services across India. BuyUcoin has the widest range of digital assets available for trading on its platform, with innovative and technology-led services for a rich user experience. Being a pioneer in the digital asset industry, BuyUcoin was one of the first Indian exchanges to initiate a regulatory sandbox in 2021 for increased collaboration between regulatory authorities and digital asset industry players.

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