India Bans Nine Exchanges Including Binance and Kraken; Official Websites, Google, Apple Store Completely Blocked

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India fully blocks nine offshore exchanges
Binance: Existing users unaffected
India’s cryptocurrency trading faces heavy taxes, exchanges struggle to survive
India fully blocks nine offshore exchanges
The Financial Intelligence Unit India (FIU IND), a department under the Ministry of Finance of India, issued compliance notices to nine well-known offshore exchanges on December 28 last year, accusing them of illegal operations and violating anti-money laundering regulations.
The nine exchanges include:
Huobi
Bittrex
Gate.io
Kraken
KuCoin
Binance
Bitfinex
Bitstamp
MEXC Global
Subsequently, the Indian government began to remove the above-mentioned exchanges from the Apple App Store on January 10 and blocked their official websites the next day. On January 14, the apps of major exchanges were also removed from the Indian Google Play Store.
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Binance: Existing users unaffected
Binance stated before its Android application was removed:
Existing users who have downloaded the Binance App are not affected. We have always been committed to complying with local regulations and laws and actively communicating with regulatory agencies to ensure the protection of users and the healthy development of the Web3 industry.
(
Warning issued in December, Indian App Store removed Binance, Kraken, and eight other exchanges
)
India’s cryptocurrency trading faces heavy taxes, exchanges struggle to survive
Coinbase also notified Indian users in September last year that it would stop providing services and advised them to withdraw funds from their accounts. However, a Coinbase spokesperson told the media at that time that it only applied to accounts that no longer met updated standards.
However, in May 2022, Coinbase CEO Brian Armstrong revealed that due to “informal pressure” from the Reserve Bank of India, Coinbase had to temporarily suspend its trading services in India.
(
Coinbase denies stopping Indian operations, the Indian market has always been difficult to navigate
)
In addition, India started imposing a 30% capital gains tax on cryptocurrencies and NFTs last year, as well as a 1% tax on every cryptocurrency transaction.
(
Indian regulations: 30% capital gains tax on NFTs and cryptocurrencies to be implemented, digital rupee expected to be issued by 2023
)
Binance
Kraken
Kucoin
MEXC
Exchange
India
Binance

Further reading
Warning issued in December, Indian App Store removed Binance, Kraken, and eight other exchanges
Compliance brings absolute advantages! What new value does CEO Richard Teng bring to Binance?