Top Global Cryptocurrency Exchanges Blocked In India Amid Govt Show-Cause Notices On Non-Compliance With Money Laundering Laws

Top Global Cryptocurrency Exchanges Blocked In India Amid Govt Show-Cause Notices On Non-Compliance With Money Laundering Laws

On December 28 last year, a show-cause notice was sent to Binance, Kucoin, Houbi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex for operating illegally in India.

IANSUpdated: Saturday, January 13, 2024, 04:44 PM IST
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Global Cryptocurrency Exchanges Blocked In India | File/ Representative image

The websites of some top global cryptocurrency exchanges like Binance, Kucoin, OKX, among others, were blocked in India on January 12.

This comes after the government sent show-cause notices to these crypto exchanges for not complying with the country's money laundering laws. On December 28 last year, a show-cause notice was sent to Binance, Kucoin, Houbi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex for operating illegally in India.

The notice was issued because these companies failed to register and follow local tax rules, reports Moneycontrol.

As a result, the finance ministry directed the information technology ministry to block their URLs.

Binance's Customer Support also confirmed the development on X, saying, "We are aware of an IP block affecting a number of 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."

"We remain committed to the adherence of local regulations and laws and we are dedicated to maintaining active communication with regulators to ensure user protection and the development of a healthy Web3 industry," it added.

Earlier this week, Apple removed some global cryptocurrency exchanges, including Binance and Kucoin from its App Store in India

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