India bans foreign crypto platforms like Binance, Kucoin. What should investors do now?
cryptocurrency exchanges and virtual digital asset service providers such as Binance, Kucoin, OKX, and others, were blocked in India on Friday. This comes after the government sent show-cause notices to these crypto exchanges for not complying with the country's money laundering laws.
Earlier, on December 28 last year, show cause notices were sent to Binance, Kucoin, Bittrex, Bitstamp, MEXC Global, Houbi, Kraken, gate.io and Bitfinex for operating illegally in India. The notice was issued because these companies failed to comply with registration and local tax rules. As a result, the Finance Ministry directed the Ministry of Information Technology to block their URLs.
On the development, Edul Patel, CEO of Mudrex, said, «In response to the FIU’s show cause notices to non-compliant crypto exchanges, we took proactive steps, advising investors to transfer their funds to compliant platforms. We are also providing dedicated support to ensure seamless fund transfers from other exchanges, upholding the highest safety and compliance standards.»
«Indian investors should always aim to have their assets in the FIU compliant entities as it gives them a way for legal recourse against any fraudulent activity on their account,» Edul suggested.
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View Details»On Friday, ET had reported the Centre could ban offshore cryptocurrency dealing apps such as Binance if they are found guilty under the Money Laundering Act.
Blocking of access to these foreign platforms is set to help domestic cryptocurrency exchanges, some of which are already witnessing a surge
