India Blocks Access to Offshore Crypto Exchanges
On January 12, India took action to block access to the websites of several offshore crypto exchanges, including Binance, Kucoin, OKX, and Gate.io. This move came after these platforms were removed from the Apple App Store in the country a few days earlier. The finance ministry had issued show-cause notices to these exchanges on December 28, accusing them of non-compliance with money laundering laws.
Binance Assures Indian Users Their Funds are Safe
Binance confirmed the situation and sent an email to its Indian customers, stating that the restriction only affects those trying to access the Indian iOS app store or the Binance website from India. Existing users with the Binance app are reportedly unaffected. Binance emphasized its commitment to complying with local regulations and laws and assured users that their funds are secure. They encouraged users to reach out to them on Twitter for further assistance.
Indian Exchanges Report Higher Deposits Amid Crackdown
CoinDCX, India’s leading crypto exchange, reported a surge in user deposits since December 28 when offshore exchanges received show-cause notices. The CEO and founder of CoinDCX stated that they have been actively supporting investors who want to shift to compliant exchanges and have observed a significant increase in deposits over the past week.
Hot Take: India Takes Strong Measures Against Offshore Crypto Exchanges
India’s recent actions to block access to offshore crypto exchanges and remove them from app stores highlight the government’s crackdown on non-compliant platforms. This move is a result of concerns about money laundering and tax evasion. While users of Binance in India have been reassured about the safety of their funds, this situation has broader implications for the Web3 industry. Indian exchanges, on the other hand, have reported higher deposits as investors seek compliant platforms. It remains to be seen how this regulatory action will shape the future of cryptocurrency trading in India.
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