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

RBI Holds Rates, Boosts Outlook

One of the most significant announcements was the upward revision of India’s GDP growth forecast for FY 2025–26—from 6.5% to 6.8% In a move reflecting cautious optimism, the Reserve Bank of India

Nykaa Expands Global Footprint with UK Debut

To commemorate this significant global debut, Nykaa’s leadership hosted an exclusive soiree at the George Club in Mayfair, London Nykaa, India’s leading beauty and lifestyle destination, is set to make a grand

Nothing’s CMF Goes Indian with $100M JV

Company has announced a $100 million joint venture with Indian electronics manufacturer Optiemus Infracom Limited….reports Asian Lite News Smartphone maker Nothing has spun off its budget sub-brand CMF into an independent subsidiary,

Airbnb Boosts India Economy

Among international guests, the largest inbound sources were the United States, United Kingdom, Canada, and Australia Hospitality giant Airbnb made a significant impact on India’s economy in 2024, contributing Rs 113 billion

Rupee, Markets Gain Amid Trade Optimism

Emerging market currencies, including the rupee, have gained support amid softening in the dollar. Reports suggesting that the US economy is on the verge of a recession have contributed to the greenback’s
Go toTop

Don't Miss

Kohli Stars As India Tame Bangla Tigers

This is India’s fourth win in four matches in the

ABHI UK hosts event on ‘India UK shared values: Culture, Civilization and Democracy’

ABHI UK represents the true interests of the BHI community