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Author Topic: Has the ban on exchanges affected you in crypto trading?  (Read 4239 times)

Offline RidwanMalik

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Has the ban on exchanges affected you in crypto trading?
« on: July 04, 2024, 07:37:25 PM »
You see, the Indian government imposed a ban on Binance, Kucoin, OKX, and others and they also claim that they issued notice to these exchanges that are illegally operating in india. And on top of that they're charging 30% as tax, which is really unfair to some of us at least. So I also wonder what you are guys looking up to now? I also heard that some people are doing F2F, which I think is a very good risk of getting robbed/mugged or whatever.

Anyways looking into some articles, the good news is that some exchanges are in collaboration with FIU to obtain VASP registration and comply with local laws, so that they can keep operating in India. Now I don't know if any of you existing users on CEXs are able to access it? Let me know.

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Has the ban on exchanges affected you in crypto trading?
« on: July 04, 2024, 07:37:25 PM »

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Offline Crypto Fella

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Re: Has the ban on exchanges affected you in crypto trading?
« Reply #1 on: July 05, 2024, 06:07:16 PM »
You see, the Indian government imposed a ban on Binance, Kucoin, OKX, and others and they also claim that they issued notice to these exchanges that are illegally operating in india. And on top of that they're charging 30% as tax, which is really unfair to some of us at least. So I also wonder what you are guys looking up to now? I also heard that some people are doing F2F, which I think is a very good risk of getting robbed/mugged or whatever.

Anyways looking into some articles, the good news is that some exchanges are in collaboration with FIU to obtain VASP registration and comply with local laws, so that they can keep operating in India. Now I don't know if any of you existing users on CEXs are able to access it? Let me know.

I believe that every region will a sensitisation of their economy to ensure that they remove what they think might be affecting their economy and recently Binance saw a rejection in Nigeria because of this. I believe it was because the platform overlooked starting out on an agreement note with their government and which is why before you use any exchange check for regulatory compliance to avoid having to face regulatory issues. If Bitget is in talks with the Indian government before starting to operate, then I think they must have learnt from others but still want to penetrate the Indian market, which is a good step, but my concern is why can't others that have been restricted just do the same to avoid being shot out entirely?

Offline pakhitheboss

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Re: Has the ban on exchanges affected you in crypto trading?
« Reply #2 on: July 09, 2024, 06:23:28 AM »
You see, the Indian government imposed a ban on Binance, Kucoin, OKX, and others and they also claim that they issued notice to these exchanges that are illegally operating in india. And on top of that they're charging 30% as tax, which is really unfair to some of us at least. So I also wonder what you are guys looking up to now? I also heard that some people are doing F2F, which I think is a very good risk of getting robbed/mugged or whatever.

Anyways looking into some articles, the good news is that some exchanges are in collaboration with FIU to obtain VASP registration and comply with local laws, so that they can keep operating in India. Now I don't know if any of you existing users on CEXs are able to access it? Let me know.

I did not find any problem in accessing Binance when the shadow ban was placed by the government. As I already had the app installed on my mobile device but I was not able to update the app. That was the only problem I faced at that time as of now both Binance and Kucoin are FIU complaints. The latest news is that Bitget is in the process of becoming FIU compliant, which I read on a subreddit. I am not expecting a piece of good news for the Indian cryptocurrency community this year or the next 5 years.
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