Cryptocurrency Q&A
Is crypto banned in India?
Is crypto banned in India?
Dario
Sat Mar 30 2024
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5 answers
1111
Excuse me, I'm a bit confused about the current situation in India regarding cryptocurrencies. I've heard some conflicting reports about whether or not crypto is banned there. Could you please clarify the matter for me? Is cryptocurrency use and trading prohibited in India, or are there certain exceptions or regulations that allow for its limited use? I'm interested in understanding the legal framework and any recent developments that may have occurred in this area. Thank you for your time and assistance.
5 answers
Eleonora
Mon Apr 01 2024
The Director of the FIU India wrote a letter to the Secretary of Ministry of Electronics and Information Technology (Meity) requesting the blocking of these exchanges. This action was taken to ensure compliance with the PML Act and prevent any further illegal activities.
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Maria
Mon Apr 01 2024
Cryptocurrency exchanges such as Binance, Kraken, and Kucoin have been banned in India by the Financial Intelligence Unit (FIU). This decision was based on their illegal operation without adhering to the provisions of the Prevention of Money Laundering (PML) Act in India.
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MysticMoon
Sun Mar 31 2024
The FIU India's directive was aimed at protecting investors and consumers from the risks associated with unregulated cryptocurrency exchanges. These exchanges were operating without proper authorization and supervision, potentially exposing users to fraud, theft, and other financial crimes.
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Riccardo
Sun Mar 31 2024
Among the banned exchanges, Binance, Kraken, and Kucoin are globally renowned platforms with a significant user base. However, their illegal operation in India, without adhering to the PML Act, posed a threat to the financial integrity and stability of the country.
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benjamin_brown_entrepreneur
Sun Mar 31 2024
BTCC, a UK-based cryptocurrency exchange, offers a range of services including trading, wallet, and staking. Unlike the banned exchanges in India, BTCC operates within the legal framework and adheres to the regulations of the UK and other jurisdictions. Users can trade cryptocurrencies securely and compliantly through BTCC's platform.
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