On Friday, India blocked access to the websites of the world’s largest cryptocurrency exchanges and providers of virtual digital assets such as Binance, Kucoin, OKX and others. The publication reports that Economic Times.
The publication explained that this happened after the government sent subpoenas to these crypto exchanges, demanding explanations for their failure to comply with the country’s anti-money laundering laws. Earlier, on December 28 last year, clarification requests were sent to Binance, Kucoin, Bittrex, Bitstamp, MEXC Global, Houbi, Kraken, Gate.io and Bitfinex over illegal activities in India.
On Friday, the Economic Times reported that the Indian government may ban offshore cryptocurrency trading apps like Binance if found guilty of violating anti-money laundering laws.
Industry representatives stated that blocking access to these foreign platforms is intended to help domestic crypto exchanges, some of which are already seeing an increase in registrations.
Earlier this year, the Indian government imposed a 30% tax on income from cryptocurrency transactions. This decision caused dissatisfaction among investors and many of them announced withdrawal of funds from Indian stock markets.
It turned out that India was recognized for the first time will prevent Websites of the largest crypto exchanges in their respective regions at the end of December last year.
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