LI Network
Published on: January 14, 2024 at 10:30 IST
In a significant development, the Indian government blocked access to the websites of prominent global cryptocurrency exchanges such as Binance, Kucoin, and OKX, among others.
The action was taken following show-cause notices issued by the government to these crypto exchanges, citing non-compliance with the country’s stringent money laundering laws.
The notices were dispatched on December 28 of the previous year to Binance, Kucoin, Houbi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex.
The primary concern outlined in the notices was their alleged illegal operation in India, as these companies reportedly failed to register and adhere to local tax regulations, according to reports from Moneycontrol.
Subsequently, the finance ministry directed the information technology ministry to implement URL blocking for these exchanges as a punitive measure.
Binance’s Customer Support acknowledged the situation, stating, “We are aware of an IP block affecting several crypto firms, including Binance. This only impacts users attempting to access the Indian iOS app store or the Binance website from India. Existing users who already have the Binance app are not affected.”
The statement emphasized Binance’s commitment to complying with local regulations and laws, expressing dedication to ongoing communication with regulators to ensure user protection and the growth of a robust Web3 industry.
Adding to the regulatory actions, Apple recently removed various global cryptocurrency exchanges, including Binance and Kucoin, from its App Store in India earlier this week.