January 14, 2024
1 min read

Indian Government Blocks Top Cryptocurrency Exchanges

This comes after the government sent show-cause notices to these crypto exchanges for not complying with the country’s money laundering laws….reports Asian Lite News

The websites of some top global cryptocurrency exchanges like Binance, Kucoin, OKX, among others, were blocked in India on January 12.

This comes after the government sent show-cause notices to these crypto exchanges for not complying with the country’s money laundering laws.

On December 28 last year, a show-cause notice was sent to Binance, Kucoin, Houbi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex for operating illegally in India. The notice was issued because these companies failed to register and follow local tax rules, reports Moneycontrol.

As a result, the finance ministry directed the information technology ministry to block their URLs.

Binance’s Customer Support also confirmed the development on X, saying, “We are aware of an IP block affecting a number of crypto firms, including Binance. This only impacts users who attempt to access the Indian iOS app store or the Binance website from India. Existing users who already have the Binance app are not affected.”

“We remain committed to the adherence of local regulations and laws and we are dedicated to maintaining active communication with regulators to ensure user protection and the development of a healthy Web3 industry,” it added.

Earlier this week, Apple removed some global cryptocurrency exchanges, including Binance and Kucoin from its App Store in India.

ALSO READ: Global PC Market Hits Historic Low

Previous Story

Spot Bitcoin ETFs Could Become a $100 Billion Product

Next Story

Gujarat Giants Clinch Ultimate Kho Kho Season 2 Title

Latest from Business

Big Job Cuts Loom as AI Reshapes Work

The rise of AI and global economic uncertainties are key reasons behind these layoffs…reports Asian Lite News Several major global companies, including Amazon, Morgan Stanley, and Goldman Sachs, plan significant job cuts
Go toTop

Don't Miss

Himachal polls: 55.92 lakh eligible to cast votes

The total electors include 27,37,845 women, 28,54,945 men and 38

G20 Presidency Drives Global Digital Public Infrastructure Agenda

In Part 3 of the report, a forward-looking perspective is