Websites of many top crypto exchanges including Binance, Kucoin blocked; Reason the central government took a big step
The websites of some of the biggest cryptocurrency exchanges worldwide, including Binance and Kucoin OKX in India, have been blocked by the central government. The government took this action on January 12 as a result of these websites breaking the nation's anti-money laundering regulations. These cryptocurrency exchanges were previously served cause notices for violating local tax laws and registration requirements.
In India, the websites of several of the biggest cryptocurrency exchanges worldwide, including Binance, Kucoin, and OKEx, have been blocked by the federal government. The government took this action on January 12 as a result of these websites breaking the nation's anti-money laundering regulations. Show-cause letters were previously sent to these cryptocurrency exchanges.
Show cause notices were delivered to Bittrex, Bitstamp, MEXC Global, Kraken, Get Aao, KuCoin, Binance, Bitfinex, HowBee, and Kraken on December 28 of last year for operating illegally in India. The Moneycontrol report states that these companies were served notices because they were not following local tax laws and registration requirements.
The Ministry of Finance ordered the Ministry of Information Technology to restrict their URLs as a result. This was also verified by Binance's customer service centre on the Internet Media Platform that they are acquainted with.
It only affects users who attempt to access the Binance website or the Indian iOS App Store from within India. It won't affect current users who are already using the Binance app.
It also declares our unwavering commitment to abiding by all applicable local laws and regulations. We are committed to being in close contact with authorities to guarantee user security and the expansion of the Web-3 sector. Additionally, Apple banned Binance and KuCoin, two major international cryptocurrency exchanges, from the App Store earlier this week.
