The Reasons Behind India’s Ban on Crypto Platforms: Binance and KuCoin
Recent news is going viral on the internet of the Crypto platforms banned due to the insecurity and illegal activity tracked to these platforms.
Binance and Kucoin, The Indian government sent the notice to these platforms because they had seen their invalid actions. They got a notice because these companies didn’t follow the rules about signing up and paying taxes in the area. So, the Finance Ministry told the Information Technology Ministry to stop those websites by blocking their URLs.
The Indian Finance Ministry’s unit, known as the Financial Intelligence Unit (FIU), has given a warning to two crypto exchanges located outside the country. They are being asked to explain why they have yet to follow the rules about preventing illegal money activities in India.
The FIU has also requested the Ministry of Electronics and Information Technology (MeitY) to stop people in India from accessing these exchanges by blocking their website addresses. This action is taken because these exchanges are suspected of not following the laws in India that aim to stop illegal money activities.
Besides the ones already mentioned, India has a list of other platforms they are keeping an eye on, especially those involved in the movement of cryptocurrencies, following the ban on certain platforms.
Here is the list of the platforms which are free to move crypto assets.
- UnoCoin
- WazirX
- ZebPay
- CoinDCX
- Mudrex
- CoinSwitch
This info is for general knowledge only — no financial, legal, or investment advice here. The information relies on public sources and isn’t the whole picture. Do your research and consult pros before financial moves or crypto deals. Platforms mentioned, whether watched or approved, might face rule changes. Keep up with government updates. The blog doesn’t support or discourage specific platforms and isn’t responsible for actions taken based on this info. Stay cautious in the ever-changing world of crypto rules and markets.
