Cryptocurrency Q&A
Which crypto exchanges are banned in India?
Which crypto exchanges are banned in India?
InfinityRider
Sat Oct 12 2024
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7 answers
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India has banned multiple crypto exchanges that did not comply with FIU guidelines, including Binance, HTX, Kraken, Gate.io, KuCoin, Bitstamp, MEXC Global, Bittrex, and Bitfinex. These exchanges were accused of illegally operating in India and were given a notice of noncompliance.
7 answers
CharmedFantasy
Mon Oct 14 2024
Despite the ban, some exchanges have taken steps to comply with Indian regulations. KuCoin and Binance, two prominent cryptocurrency platforms, have registered with the Financial Intelligence Unit (FIU) in an effort to operate legally within the country.
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Maria
Mon Oct 14 2024
The Indian government has taken a stern stance against offshore cryptocurrency exchanges deemed to be in violation of its anti-money laundering regulations. Among the exchanges that have been banned are Bitstamp, Huobi, MEXC Global, Kraken, Gate.io, Bitfinex, and Bittrex.
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GeishaElegance
Mon Oct 14 2024
The decision to ban these exchanges was a direct response to suspected disobedience of the stringent anti-money laundering laws in place within India. The government aims to protect its citizens from the potential risks associated with unregulated cryptocurrency trading.
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Bianca
Sun Oct 13 2024
BTCC's spot trading platform allows users to buy and sell cryptocurrencies at current market prices, providing them with a convenient and efficient way to trade digital assets. The exchange's futures trading platform, on the other hand, enables users to speculate on the future price movements of cryptocurrencies, offering them the opportunity to profit from market volatility.
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CryptoMercenary
Sun Oct 13 2024
However, even after registering with the FIU, KuCoin and Binance were not spared from penalties. The government imposed fines on these exchanges for their past non-compliance with anti-money laundering regulations.
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