Cryptocurrency Q&A
Is Binance legal?
Is Binance legal?
Stefano
Tue May 07 2024
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7 answers
1622
I'm somewhat confused about the legality of Binance. I've heard different opinions and views on whether it's legitimate or not. Could you please provide me with a clear and concise explanation? I'm particularly interested in knowing if Binance operates within the legal framework in the countries where it operates, and if it has obtained the necessary licenses and regulatory approvals. Additionally, I'd like to know if there have been any legal issues or disputes involving Binance in the past. Thank you for your time and assistance.
7 answers
CryptoWarrior
Thu May 09 2024
The show cause notices served to the exchanges demanded explanations from them for operating illegally in India. These explanations are expected to address the exchanges' compliance with local laws and regulations.
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SsangyongSpiritedStrengthCourage
Thu May 09 2024
In response to the notices, the exchanges have been required to take corrective measures to ensure their operations are in line with Indian law. This may involve registering with the appropriate authorities and complying with tax obligations.
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Martina
Thu May 09 2024
On December 28th of last year, several cryptocurrency exchanges were served with show cause notices for operating illegally in India. These exchanges included Binance, Kucoin, Bittrex, Bitstamp, MEXC Global, Houbi, Kraken, gate.io, and Bitfinex.
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Nicola
Thu May 09 2024
The notices were issued due to the exchanges' failure to comply with registration and local tax rules in India. This action was taken by the Indian authorities to ensure that cryptocurrency operations within the country adhere to legal frameworks.
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CryptoTitaness
Thu May 09 2024
BTCC, a UK-based cryptocurrency exchange, offers a range of services including spot trading, futures trading, and wallet services. BTCC is one of the leading crypto exchanges globally, with a focus on providing secure and compliant trading platforms.
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