New Delhi: India on Thursday slapped show cause notices on nine offshore crypto currency trading platforms including Binance, Kucoin and Huobi and moved to block their web addresses, accusing them of operating illegally in the country.The notices were issued under money laundering laws by Financial Intelligence Unit India (FIU IND), the agency that processes information on dubious financial transactions. These companies, technically called virtual digit asset (VDA) service providers did not comply with the provisions of the anti-money laundering law, the finance ministry said in a late night statement.Queries emailed to Binance, Kucoin and Huobi on Thursday seeking comments remained unanswered.These service providers were brought under the Anti Money Laundering/Counter Financing of Terrorism (AML-CFT) framework under the provisions of the Prevention of Money Laundering Act (PML) Act in March 2023, the ministry said.The notices were issued under a section of the Prevention of Money Laundering Act that authorizes the government to impose a penalty on the entity, its directors or employees or issue a warning or instructions.India is currently undergoing a peer review of its anti-money laundering and counter financing of terrorism framework by the Financial Action Task Force (FATF), a UN body. The review assesses both the technical compliance of its recommendations and the effectiveness of India's anti-money laundering and anti-terror financing framework.Director FIU IND has written to secretary, Ministry of Electronics and Information Technology to block the URLs of these entities allegedly operating illegally without complying with the provisions of the PML Act in India, the statement said.Crypto platforms are required to be registered with FIU IND as reporting entities and comply with certain obligations as mandated law, the ministry said. Regulations cast reporting, record keeping and other obligations on these service providers under the law, the statement said.Till date, 31 VDA service providers have registered with FIU IND. However, several offshore entities though catering to a substantial part of Indian users were not getting registered, the statement said.#IndiaCryptoBan #binanceIndia #marketuptade

In the ever-expanding world of cryptocurrency, Binance stands out as a leader, offering not only a platform for trading but also a community-driven space for sharing knowledge and content. With the **Binance Square India KOL Referral Program**, Binance introduces an exciting opportunity for key opinion leaders (KOLs) and influencers to play an essential role in the crypto landscape while earning rewards. This initiative aims to harness the power of social influence, knowledge sharing, and community engagement.

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Maximizing Your Impact

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#Conclusion

The Binance Square India KOL Referral Program presents a fantastic opportunity for influencers to earn rewards while actively shaping the crypto conversation in India. By joining the program, KOLs can leverage their influence, engage their audience, and contribute to the growth of cryptocurrency adoption in the region. If you’re passionate about crypto and have the means to influence others, this referral program is your chance to make a mark in the industry
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The funding rates for bitcoin on Binance have plummeted, reaching levels not seen since October of last year. Now that day three of this bad run has begun, things don't seem good. In case you forgot, traders pay funding rates to maintain their positions on futures contracts. When these rates fall, it indicates that there is a strong inclination in the market to take short positions, or to bet that the price of bitcoin will decline.
#Binance #bonancefunding #binanceindia #bullrun
And that's precisely what's taking place at this moment. The fact that the average Bitcoin funding rate on all exchanges is likewise negative indicates that this bearish attitude is not exclusive to Binance. The fact that Binance has the highest open interest (OI) share indicates that traders are clearly anticipating a difficult ride.

#cryoto