Websites of crypto platforms Binance, Kucoin, OKX among others were blocked in India on January 12, coming days after they were removed from Apple App Store in the country. This comes after these platforms received show-cause notices from the finance ministry for not complying with the country's money laundering laws.
The show-cause notice was sent on December 28 to Binance, Kucoin, Houbi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex for operating illegally in India by not registering and following local tax rules. The finance ministry had directed the information technology ministry to block the URLs.
Sources privy to the development told Moneycontrol that a few of these platforms were blocked in India including Binance, Kucoin and OKX.
Two days, back these platforms were blocked on App Store.
Confirming the development, Binance’s Customer Support handle wrote on X, “We are aware of an IP block affecting a number of crypto firms, including Binance. This only impacts users who attempt to access the Indian iOS app store or the Binance website from India. Existing users who already have the Binance app are not affected.”
Binance added that they are committed to adhere to local regulations and laws and are maintaining active communication with regulators to ensure user protection and the development of a healthy Web3 industry.
“The ongoing situation is not unique to Binance and impacts other web3 industry players as well. We are working hard to inform constructive policy-making that seeks to benefit every user and all market participants.”
Binance highlighted that all user funds are safe, and they could be reached via direct message on their Twitter handles.
Emailed queries sent to Kucoin and OKX didn’t elicit any response at the time of publishing. The article will be later updated to reflect their response.
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