Cryptocurrency Q&A
Why Binance is restricted?
Why Binance is restricted?
KDramaLegendaryStar
Fri Jul 26 2024
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6 answers
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Could you please elaborate on why Binance, a leading cryptocurrency exchange, has faced restrictions in certain jurisdictions? Are these restrictions primarily due to regulatory concerns, such as a lack of proper licensing or compliance with local laws? Or are there other factors at play, such as concerns over money laundering or terrorist financing? Additionally, how has Binance responded to these restrictions, and what measures have they taken to ensure they operate in a compliant and responsible manner? Understanding the reasons behind these restrictions is crucial for investors and users of the platform.
6 answers
SolitudeSeeker
Sun Jul 28 2024
The prohibition extended to both web addresses and mobile applications, effectively cutting off access to these platforms for Indian users.
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Martina
Sun Jul 28 2024
The move by the Indian government was a direct response to the non-compliance of these exchanges with crucial financial regulations.
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Sara
Sun Jul 28 2024
Specifically, the exchanges failed to adhere to the guidelines set forth by the Financial Intelligence Unit (FIU) and the Prevention of Money Laundering Act (PMLA).
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MysticStorm
Sun Jul 28 2024
In the month of January, Binance found itself among a group of nine offshore cryptocurrency exchanges that were subjected to a ban in India.
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mia_harrison_painter
Sun Jul 28 2024
The FIU guidelines are designed to prevent money laundering and terrorist financing, while the PMLA outlines measures to combat financial crimes.
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