Crypto platforms, including Binance, Kucoin, and OKX, faced website blocks in India on January 12, shortly after being removed from the Apple App Store in the country. This action follows show-cause notices issued by the Finance Ministry, citing non-compliance with India’s anti-money laundering regulations.
The Finance Ministry sent the show-cause notice on December 28 to Binance, Kucoin, Houbi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex, accusing them of illegal operations in India by neglecting to register and adhere to local tax regulations. In response, the Finance Ministry instructed the Information Technology Ministry to block the URLs of these platforms.
A Moneycontrol report stated that Binance, Kucoin, and OKX were among the platforms blocked in India. This move followed the platforms’ removal from the Indian Apple App Store just two days prior.
Binance’s Customer Support addressed the situation, stating, “We are aware of an IP block affecting several 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.”
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Binance assured users that their funds were secure and emphasised their commitment to complying with local regulations. The company stated they are actively communicating with regulators to ensure user protection and the growth of a robust Web3 industry.
“The ongoing situation is not unique to Binance and impacts other Web3 industry players as well. We are working hard to inform constructive policy-making that seeks to benefit every user and all market participants,” Binance added.
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