India blocks global crypto sites over laundering fears
web platforms of foreign cryptocurrency exchanges and virtual digital asset service providers such as Binance, Kucoin and OKX.
The Android versions of these apps are also likely to be taken down as “orders to that effect have been passed already”, a senior government official said. On Wednesday, the ministry of electronics and information technology’s (MeitY) had asked Apple to remove offshore cryptocurrency apps from its store.
The action follows inputs from the finance ministry’s Financial Intelligence Unit (FIU), which suggested that these platforms may have been used for money laundering, the official said.
Also read | Threat of ban looms over offshore crypto platforms as govt weighs in
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Blocking of access to these foreign platforms is set to help domestic cryptocurrency exchanges, some of which are already witnessing a surge in registrations, industry executives said.
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.
Further probe on
Government officials had then told ET that the actions on cryptocurrency exchanges, including asking Apple to remove them from the iOS store, had been based on reports and show-cause notices issued to them by the FIU.
“These (offshore) platforms were operating (in India) without the necessary permits and approvals. Finance ministry inputs also pointed to multiple instances of these wallets being used illegitimately and for money laundering,” another official from MeitY said,
