Crypto Exchanges: The central government has blocked the websites of some of the top global cryptocurrency exchanges like Binance, and Kucoin OKX in India. This step was taken by the government on January 12 due to these websites not following the country’s money laundering laws. Earlier, cause notices were sent to these crypto exchanges as they failed to comply with registration and local tax rules.
The central government has blocked the websites of some of the top global cryptocurrency exchanges like Binance, Kucoin, and OKEx in India. This step was taken by the government on January 12 due to these websites not following the country’s money laundering laws. Earlier, show-cause notices were sent to these crypto exchanges.
Notice was already sent(Crypto Exchanges)
On December 28 last year, show cause notices were sent to Binance, KuCoin, HowBee, Kraken, Get Aao, Bittrex, Bitstamp, MEXC Global, and Bitfinex for operating illegally in India. According to the Moneycontrol report, the reason for serving notices to these companies was that these companies failed to comply with registration and local tax rules.
Due to this, the Finance Ministry directed the Ministry of Information Technology to block their URLs. Binance’s customer support center also confirmed this on Internet Media Platform Are familiar with.
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Affects these users
It only affects users who try to access the Indian iOS App Store or Binance website from India. Existing users who already have the Binance app will not be affected.
It also says that we are fully committed to following local rules and laws. We are dedicated to maintaining constant communication with regulators to ensure user security and the growth of the Web-3 industry. Earlier this week, Apple also removed several global cryptocurrency exchanges including Binance, and KuCoin from its App Store.
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