Milestone Achievement: Liminal Custody Obtains Crucial FIU Registration in India

Liminal Custody, a driving supplier of storage and wallet services for virtual resources, has reported the official enrollment of its Indian entity, First Answer India Innovations Private Limited, with the country’s Financial Intelligence Unit (FIU). This move places Liminal Custody among a select group of Web3 firms working in compliance with India’s rigid administrative system for the crypto and Web3 segment, joining industry giants like Binance, KuCoin, and WazirX.

India mandated FIU enrollment for Web3 firms as a pivotal step towards supporting security and transparency in the regularly volatile and vulnerable cryptocurrency landscape. The FIU plays a significant part in combatting financial crime by accepting, preparing, and examining suspicious financial exchanges, as well as sharing this data with worldwide counterparts.

“We have been working closely with numerous administrative offices, including the FIU in India, to construct a cohesive system that can help moderate all the risks around advanced resources for both businesses and end users. We are incredibly pleased to get FIU registration,” said Manhar Garegrat, Country Head of India and Global Organizations at Liminal Custody.

In recent months, Indian financial specialists have escalated their crackdown on fintech players, including those working inside the crypto space, to moderate financial risks to the country’s framework and citizens. Prior to this year, a few crypto firms, including prominent universal trades like OKX and Binance, faced operational limitations for failing to enlist with the FIU.

Since then, a few remote and domestic crypto players have effectively explored administrative necessities to secure their FIU enlistments. Binance and KuCoin obtained theirs between January and May, joining Indian trades CoinSwitch, WazirX, and CoinDCX to gain official recognition. FIU registration in India allows entities to report suspicious financial transactions and contribute to maintaining the integrity of the economic system.

With its FIU enrollment, Liminal Custody aims to position itself as a trusted crypto wallet accomplice for key teachers, such as the Central Bureau of Examination (CBI). Securing FIU registration in India demonstrates a commitment to transparency, integrity, and adherence to regulatory standards in financial operations. The company already claims to provide capacity for crypto resources seized amid CBI investigations.