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India Blocks Crypto Exchanges The government took a stringent stance on offshore crypto exchanges by blocking access to their websites, including prominent platforms like Binance, Kucoin, OKX, and Gate.io, effective January 12. This action followed the removal of these exchanges from the Apple App Store in India a few days earlier. The move was prompted by show-cause notices issued by the finance ministry on December 28, alleging non-compliance with the country’s money laundering laws.
Indian government blocks website URLs of major crypto Exchanges including Binance, Gate, KuCoin.
— BITCOIN Clairvoyant (@CrptClairvoyant) January 12, 2024
#India #reducecryptotax
The notices targeted Binance, Kucoin, Houbi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex, accusing them of operating illegally in India. India Blocks Crypto Exchanges In response, the Finance Ministry directed the Information Technology Ministry to block the URLs of these platforms, resulting in the recent website restrictions. However, users can still access these exchange websites through Virtual Private Networks (VPNs).
India Blocks Crypto Exchanges- User Impact and Collaborative Industry Response
In light of the recent developments, the restrictions imposed by Binance appear to primarily affect users attempting to access the platform through the Indian iOS app store or the Binance website from India. Notably, existing users with the Binance app seem to remain unaffected by these restrictions, providing a measure of assurance to the platform’s user base.
Binance, in its communication to customers, underscored its dedication to adhering to local regulations and laws. The company highlighted ongoing engagement with regulators to ensure user protection and contribute to the cultivation of a robust Web3 industry. Emphasizing the security of user funds, Binance urged users to communicate via direct messages on Twitter for any assistance.
India Blocks Crypto Exchanges, Acknowledging the broader impact on the Web3 industry, Binance expressed a commitment to collaborative efforts aimed at shaping constructive policies that benefit users and market participants. It is noteworthy that there has been no response from other major players in the industry, such as Kucoin and OKX, to queries regarding the unfolding situation. The industry awaits further developments as stakeholders navigate the evolving regulatory landscape.
CoinDCX’s Response to Regulatory Developments
India Blocks Crypto Exchanges–
In response to the recent crackdown on offshore cryptocurrency exchanges due to non-compliance, Sumit Gupta, the CEO, and founder of CoinDCX, India’s leading crypto exchange, has shared insights into their proactive approach.
CoinDCX has been actively assisting investors looking to transition to compliant platforms following the show-cause notice from the Financial Intelligence Unit (FIU) to non-FIU-compliant exchanges. The exchange has taken decisive steps to open deposit routes, prioritizing the safety and seamless experience of users during this transition.
As a result of these efforts, CoinDCX has observed a substantial increase in crypto deposits over the past week, signaling a noticeable shift in user behavior in response to regulatory developments.
Remarkably, the exchange reported an extraordinary 2000% surge in user deposits since December 28, aligning with the issuance of show-cause notices to offshore crypto exchanges by India’s finance ministry. CoinDCX’s proactive measures underscore the significance of adaptability and robust user support in navigating the dynamic regulatory landscape surrounding cryptocurrency exchanges.
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