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Just In: India Bans Major Crypto
Exchanges
Don't Panic! Your Funds are Safe 700
India blocked access to websites of
several offshore crypto exchanges,
including Binance, Kucoin, OKX, Gate.io
and many others on January 12. This
action followed the removal of these
platforms from the Apple App Store in the
country just a few days earlier.
The move is a consequence of the finance
ministry issuing show-cause notices to
these platforms on December 28, citing
non-compliance with the country's money
laundering laws.
The notice was directed at Binance,
Kucoin, Houbi, Kraken, Gate.io, Bittrex,
Bitstamp, MEXC Global, and Bitfinex,
accusing them of operating illegally in
India by failing to register and adhere to
local tax regulations.
In response to the alleged violations, the
finance ministry instructed the information
technology ministry to block the URLs of
these platforms, leading to the recent
website restrictions. However, the
websites of thse exchanges can still be
accessed through VPNs.
Binance Assures Indian Users Their Funds
are Safe.
Confirming the situation, Binance sent an
email to its customers in India, clarifying
that it only impacts users attempting to
access the Indian iOS app store or the
Binance website from India. However,
existing users with the Binance app are
reportedly unaffected by the restriction.
Binance emphasized its commitment to
complying with local regulations and laws,
asserting active communication with
regulators to ensure user protection and
foster the development of a healthy Web3
industry.
