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Home News Crypto Exchange Sites Blocked in India Over Compliance Issues

Crypto Exchange Sites Blocked in India Over Compliance Issues

KW Admin
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Crypto Exchange Sites Blocked in India Over Compliance Issues
India blocks major crypto exchanges like Binance and Kucoin for non-compliance with money laundering laws, impacting user access and App Store availability

n a significant regulatory move, the Indian government has blocked access to websites of leading global cryptocurrency exchanges such as Binance, Kucoin, and OKX. This decisive action, effective from January 12, aligns with the government’s stringent stance on compliance with money laundering laws.

The crackdown began on December 28, when prominent exchanges including Binance, Kucoin, Houbi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex received show-cause notices. These notices, were issued due to the exchanges’ failure to adhere to local registration and tax compliance norms.

Following this, the finance ministry took swift action, instructing the information technology ministry to enforce a URL blockade.

Binance’s customer support acknowledged the situation, stating, “We are aware of an IP block impacting several crypto firms, including Binance.” The block affects users trying to access the Indian iOS app store or the Binance website from within India, though existing app users remain unaffected.

Binance emphasized its commitment to regulatory compliance, expressing a willingness to engage with local authorities for user protection and fostering a robust Web3 industry.

In a related development, Apple (NASDAQ: AAPL) recently removed some global cryptocurrency exchanges, including Binance and Kucoin, from its Indian App Store, marking another step in the tightening regulatory landscape for cryptocurrencies in India.

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Shiba Inu 0
Riding the wave of Bitcoin's recent surge, Shiba Inu (SHIB) has broken above the $0.00001 mark. This jump comes with increased market capitalization and trading volume, fueled by optimism and a "Dogecoin Killer" narrative.
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