Websites of top crypto exchanges like Binance, Kucoin blocked in India - ET LegalWorld (2024)

FAQs

Websites of top crypto exchanges like Binance, Kucoin blocked in India - ET LegalWorld? ›

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.

KuCoin has become one of the first global cryptocurrency exchanges to register with India's Financial Intelligence Unit (FIU), demonstrating its commitment to regulatory compliance and security in the Indian market. This move enhances user asset security and anti-money laundering measures.

India hasn't permanently banned Binance, but it has imposed a shadow ban. This means that Indian users can't access the Binance website or app directly. Here's a quick breakdown: Shadow Ban: Indian authorities are blocking access to Binance through internet service providers (ISPs).

Consider CoinSwitch if you want a safe, trustworthy crypto trading platform in India. The best part about CoinSwitch is that it supports multiple payment modes, making it convenient for users to buy their desired crypto for as little as Rs. 100.

While Bybit continues to operate and provide services to Indian users, it is essential to note that the platform's legality in the country is subject to interpretation and may change based on future regulatory developments.

Start by choosing a reputable cryptocurrency exchange that operates in India, such as Mudrex. Create an account by providing your personal details and undergo KYC (Know Your Customer) verification to comply with regulatory requirements.

KuCoin stopped working in India due to regulatory concerns and uncertainty surrounding cryptocurrency trading in the country.

Ban on 9 Exchanges, Including Binance

In recent actions, the government not only removed apps of foreign crypto exchanges from Google Play Store and Apple App Store for Indian users but also blocked access to the platforms' URLs.

Coinbase restricts people from certain countries, including India, from using its wallet service due to regulatory and compliance reasons. Coinbase is a U.S.-based company, and as such, it is subject to U.S. laws and regulations, including sanctions programs.

Which is the best crypto trading site in India? ›

CoinSwitch: CoinSwitch is India's leading crypto exchange. Founded in 2017, CoinSwitch is now India's largest crypto app, with nearly 20 million users. The Bangalore-based firm is backed by some of the world's leading investors, including a16z, Tiger Global, and Sequoia Capital India.

Cryptocurrency is not illegal in India. WazirX is a trusted Bitcoin and cryptocurrency exchange & trading platform. There are even tax rules which are made by the Central Board of Direct Taxes.

In conclusion, the best crypto exchanges in India include Mudrex, CoinDCX, CoinSwitch, WazirX, ZebPay, and BitBNS based on several factors like ease of use, security, fees, coin availability, and more.

Yes, crypto exchanges that follow the requisite Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations are legal. Legally, exchanges must comply with other regulatory requirements prescribed by Indian authorities.

The crypto tax rate in India includes a flat 30% tax on profits from virtual digital assets such as cryptocurrencies and NFTs, along with a 1% Tax Deducted at Source (TDS) for transactions exceeding specified thresholds.

Kucoin announced its return last month. Binance, the world's largest crypto exchange, plans to restart operations in India after paying a USD 2 million fine and being banned in the country months earlier.

KuCoin supports over 200 countries worldwide. Its global reach allows users from various regions, including North America, South America, Europe, Asia, and more, to access the platform and start trading.