Indian Government in war with global crypto companies. 2 other stories and a trivia

This line-up of stories will help you discover the latest happenings around the tech world, today.

1. Indian Government in war with global crypto companies

The FIU- Financial Intelligence Unit, a key regulatory body overseeing financial transactions in India, has announced intent to blacklist nine international crypto exchanges, including Binance, Kraken, Kucoin, and Mexc, for allegedly operating “illegally” within the country.

This was stated by FIU in a report seen by Ripples Nigeria on Friday, December 29, 2023.

Citing non-compliance with local anti-money laundering regulations, the FIU has issued show cause notices to these exchanges and urged the IT Ministry to block their websites.

Emphasizing the need for global crypto exchanges to adhere to India’s anti-money laundering rules, the government agency highlighted that physical absence in the country does not exempt entities from compliance.

The FIU stated, “Several offshore entities, despite serving a significant number of Indian users, have failed to register and align with the Anti Money Laundering (AML) and Counter Financing of Terrorism (CFT) framework.”

This move comes as many Indian traders have turned to international cryptocurrency platforms, potentially to avoid taxes.

India initiated taxation on virtual currencies last year, imposing a 30% tax on gains and a 1% deduction on each crypto transaction.

Other exchanges found in violation of Indian law include Huobi, Gate.io, Bittrex, Bitstamp, Bitfinex and Coinbase, which already ceased consumer sign-ups in India several months ago.

Trivia: What is the purpose of a port number in computer networking?

A. It identifies which computer is sending data.
B. It specifies which networking protocol is being used.
C. It tells the router which physical ethernet jack to send data over.
D. It authenticates the user accounts involved in the data transfer.

Find answers below.

2. Xiaomi debuts maiden electric car

Chinese smartphone giant, Xiaomi, has unveiled its inaugural electric vehicle and envisions securing a spot among the world’s leading five automakers within the next 15 to 20 years.

The highly anticipated sedan, dubbed the SU7 (Speed Ultra), drew attention during its unveiling.

The CEO, Lei Jun lauded its “super electric motor” technology, claiming acceleration speeds surpassing both Tesla and Porsche’s electric counterparts.

Despite facing a challenging market scenario, with China’s auto industry grappling with oversupply and diminishing demand, Xiaomi’s Chief Executive remained optimistic about the car’s forthcoming launch.

Sales are scheduled to commence in the coming months, coinciding with fierce price competition in the world’s largest auto market.

The SU7, leveraging a shared operating system with Xiaomi’s popular phones and other electronic devices, is anticipated to allure customers. This integration allows drivers seamless access to the company’s existing suite of mobile apps.

3. China’s Cispoly secures $14m in Series B funding

China-based health tech startup, Cispoly, has announced the completion of its series B funding round, securing over 100 million yuan (US$14 million).

This funding was led by Saudi Arabian energy giant, Aramco, and saw participation from existing investor Sunland Fund.

The development highlights a growing trend of increased investments from the Middle East in the Asian startup landscape, with Cispoly, a producer specializing in gynecological tumor detection equipment, emerging as a notable beneficiary.

Established in 2020 by Liu Pei, Cispoly focuses on advancing methylation detection tools for early-stage gynecological tumors, encompassing cervical, ovarian, and endometrial cancers.

Ripples Nigeria gathered that the newly acquired funds will be directed towards research and development initiatives, global expansion efforts, and accelerating product registrations.

Trivia Answer: It specifies which networking protocol is being used

In the computer world, the term “port” has three different meanings. It may refer to 1) a hardware port, 2) an Internet port number, or 3) the process of porting a software program from one platform to another.

A hardware port is a physical connection on a computer or another electronic device. Common ports on modern desktop computers include USB, Thunderbolt, Ethernet, and DisplayPort.

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