Digital
BuyUcoin becomes an FIU registered reporting entity
Mumbai: BuyUcoin, India’s second-oldest digital asset exchange, today announced that it has become 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 – India is the central, national agency responsible for receiving, processing, analysing 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 includes reporting of suspicious transactions, keeping record of transactions, KYC records and collaborating with government agencies to ensure highest level of AML procedures and protocols. BuyUcoin has a rich user base of over 1 million active users.
Commenting on the development, BuyUcoin CEO Shivam Thakral 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 . 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 which includes 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 the one of the first Indian exchanges to initiate a regulatory sandbox in 2021 for increased collaboration between regulatory authorities and digital asset industry players.
Digital
OpenAI’s Stargate lead Peter Hoeschele exits with two senior leaders
Trio behind compute push set to join new startup amid leadership reshuffle
SAN FRANCISCO: Peter Hoeschele, a key figure behind OpenAI’s early Stargate data centre initiative, has exited the company, according to a report by The Information.
The departure is part of a broader leadership shift, with two other senior executives, Shamez Hemani and Anuj Saharan, also set to leave in the coming days. All three are expected to join the same new startup, although details about the venture remain under wraps.
The trio played a central role in OpenAI’s Stargate effort, an initiative aimed at building large-scale data centre capacity in-house to reduce reliance on external infrastructure providers. Their exits mark a notable moment for the company’s compute strategy as it continues to scale rapidly.
OpenAI spokesperson said in a statement to The Information, “We’re grateful for the contributions Peter, Shamez, and Anuj have made to OpenAI and wish them the very best in what comes next.” The company also pointed to the recent appointment of Sachin Katti to lead its industrial compute organisation, signalling continuity in its infrastructure roadmap.
OpenAI has indicated that it does not plan to directly replace Hoeschele’s role, suggesting a possible restructuring of responsibilities within the team.
As competition intensifies in the race to build next-generation AI systems, leadership changes in core infrastructure teams are likely to draw close attention. For now, the spotlight shifts to what this departing trio builds next, and how OpenAI adapts as it scales its ambitions.
