1. India has taken measures to block access to various offshore crypto exchanges, including Binance, Kucoin, OKX, and others.
2. The decision to block these exchanges follows their removal from both the Apple App Store and Android Play Store in India.
3. The finance ministry issued show-cause notices on December 28, accusing these platforms of operating illegally by not complying with local money laundering laws and tax regulations.
4. The accused platforms include Binance, Kucoin, Houbi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex.
5. In response to the allegations, the finance ministry instructed the information technology ministry to block the URLs of these platforms, resulting in the recent website restrictions.
6. Users can still access these exchanges through VPNs, but using VPNs carries associated risks, including potential exposure to hacking threats.
7. Binance reassured its Indian users through an email, clarifying that the restrictions only affect users attempting to access the Indian iOS app store, play store, or the Binance website directly from India.
8. Existing users with the Binance app are reportedly unaffected by the restrictions.
9. Binance emphasized its commitment to complying with local regulations, actively engaging with regulators to ensure user protection.
10. Binance also expressed its dedication to contributing to the development of a robust Web3 industry.
