New Delhi: On January 12, the websites of several prominent international cryptocurrency exchanges, including OKX, Kucoin, and Binance, were blocked in India.
This occurred after the government served these cryptocurrency exchanges with show-cause notices for breaking the nation'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.
With inputs from IANS