India’s Financial Intelligence Unit (FIU) took decisive action to recover $345 million in Goods and Services Tax (GST) from seven foreign crypto exchanges, including Kraken, Bitfinex, and MEXC Global, operating in the country.

This enforcement measure comes after several warnings issued to these exchanges regarding their failure to comply with India’s tax laws.

The exchanges involved, such as Kraken, Bitfinex, MEXC Global, Huobi, Gate.io, Bittrex, and Bitstamp, were banned from offering cryptocurrency services in India.