Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Crypto Exchanges => Topic started by: Altcoin1998$ on January 18, 2024, 08:20:29 AM
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Recently India has revoked permission to use all central exchanges in its country and has given below mentioned removal notice of 9 central exchanges from Google Play Store India version and many more central exchanges have already been removed.
Binance
Bitfinex
Bitstamp
Bittrex
Kucoin
Gate io
Kraken
Mexc global
Houbi
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Yes i also saw this news. Because The Director FIU IND wrote to the secretary of Meity to block these exchanges as they were illegally operating without following the provisions of the PML act in India. So indian government removed Binance, Kucoin, gate. io, Hubi, Bittrex and others crypto exchanger.
They did for investigation. India is biggest populated country. Huge people involved in crypto. I think indian government understand it. And this exchangers will follow thats government ruls and within short time all exchangers will Legal Again i strongly believe it.
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Why google removed those exchanges from Google Play Store in India? Most of the exchanges are top exchanges, they are recommended exchanges to use by people around the world. I just can't believe if those exchanges violated Indian regulation. I can be related to certain cases, then it triggers to do a big decision of removing those exchanges. Anyone knows it?
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Recently India has revoked permission to use all central exchanges in its country and has given below mentioned removal notice of 9 central exchanges from Google Play Store India version and many more central exchanges have already been removed.
Not that only Google Playstore just removed the apps. Also Apple has removed the apps. Also their URLs has been removed so that nobody using Indian data providers IP addresses can connect to those exchanges.
Why google removed those exchanges from Google Play Store in India? Most of the exchanges are top exchanges, they are recommended exchanges to use by people around the world. I just can't believe if those exchanges violated Indian regulation. I can be related to certain cases, then it triggers to do a big decision of removing those exchanges. Anyone knows it?
The FIU told MeitY to remove those exchanges URLs and the ban because they think the exchanges are violating Indian anti-money regulations.
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Recently India has revoked permission to use all central exchanges in its country and has given below mentioned removal notice of 9 central exchanges from Google Play Store India version and many more central exchanges have already been removed.
Binance
Bitfinex
Bitstamp
Bittrex
Kucoin
Gate io
Kraken
Mexc global
Houbi
Those are almost big exchanges; maybe what the Indian government wants to happen is to have them under the table in the country of India. You know that in this day and age, money is the only battle if you want to be able to operate legally in a country, and sometimes, even if it is not legitimate, the government official who holds such situations becomes legal even if it is not legitimate. as for the truth and real talk.
If those were only removed from the Google Play Store, that means you can use those exchanges on their website even if you are in India. Is that what the news means?
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Recently India has revoked permission to use all central exchanges in its country and has given below mentioned removal notice of 9 central exchanges from Google Play Store India version and many more central exchanges have already been removed.
Binance
Bitfinex
Bitstamp
Bittrex
Kucoin
Gate io
Kraken
Mexc global
Houbi
These exchanges are well performing a d I see no reason why they should cut a stop on their usage in the country, I am thinking of something if the country is planning on having their own centralized exchanges to be able to make the entire cryptocurrency of a thing being under their regulations or maybe they are finding it more difficult in regulating the ones present as on the list above while doing this as a threat on them to reach a concession.
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These exchanges are well performing a d I see no reason why they should cut a stop on their usage in the country, I am thinking of something if the country is planning on having their own centralized exchanges to be able to make the entire cryptocurrency of a thing being under their regulations or maybe they are finding it more difficult in regulating the ones present as on the list above while doing this as a threat on them to reach a concession.
The exchange performance has nothing to do with this decision, neither is India planning to launch their own cryptocurrency exchange. The reason for the ban is simply as a result of regulatory compliance.
If you want to offer your service as an exchange in certain jurisdictions, you must comply with the framework they have set for regulations. If these exchanges comply with the fiu, then they can begin offering their services in India again.
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Recently India has revoked permission to use all central exchanges in its country and has given below mentioned removal notice of 9 central exchanges from Google Play Store India version and many more central exchanges have already been removed.
Binance
Bitfinex
Bitstamp
Bittrex
Kucoin
Gate io
Kraken
Mexc global
Houbi
When there is huge inequality in the country such cases will be very frequent , Indian government must have realized that people have started earning and they don't need it as hungry and uneducated people are much easier to manage .
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When a country bans cryptocurrencies, the ban becomes mandatory on all central exchanges. It is natural that India has banned crypto-currencies which means it will ban all centralized and decentralized exchanges. Therefore, the Government of India has banned all the above important central exchanges and warned all investors and traders against using the said exchanges. It has even issued a warning to remove all exchanges from all play stores.
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The FIU told MeitY to remove those exchanges URLs and the ban because they think the exchanges are violating Indian anti-money regulations.
Okay. It makes sense now, so those exchanges have violated the regulation about Indian anti-money. However, I can't believe that there are many top exchanges that violate the regulation. :-\
+1 karma for the information :)
If those were only removed from the Google Play Store, that means you can use those exchanges on their website even if you are in India. Is that what the news means?
I think they have banned the sites as well. So, no one in India can access them. However, it probably can be accessed if you use VPN. It is the same in my country that is banned Binance exchange. People here can access Binance if they use VPN that is available for accessing Binance.
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The FIU told MeitY to remove those exchanges URLs and the ban because they think the exchanges are violating Indian anti-money regulations.
Okay. It makes sense now, so those exchanges have violated the regulation about Indian anti-money. However, I can't believe that there are many top exchanges that violate the regulation. :-\
+1 karma for the information :)
If those were only removed from the Google Play Store, that means you can use those exchanges on their website even if you are in India. Is that what the news means?
I think they have banned the sites as well. So, no one in India can access them. However, it probably can be accessed if you use VPN. It is the same in my country that is banned Binance exchange. People here can access Binance if they use VPN that is available for accessing Binance.
It is also true for me that virtual currency is completely illegal in my country but I have to connect to a VPN from a foreign country to use some exchanges. So there are millions of investors and traders in India who will not be of any use whatever the Indian government writes about the validity of thousands of cryptocurrencies, instead they will connect to VPN and use the exchange and continue trading.
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So there are millions of investors and traders in India who will not be of any use whatever the Indian government writes about the validity of thousands of cryptocurrencies, instead they will connect to VPN and use the exchange and continue trading.
What constitutes virtual currency here? Does this mean no trading on crypto is allowed at all? No local exchanges to withdraw your trading results and so on? Kind of surprising if that was the case considering the news implied that if an exchange complies with the regulation they will be allowed to list their apps and websites, etc.
I believe using a VPN usually means breaking exchange rules, are you sure there is no other option other than doing that? I remember some traders in my country use a DNS bypass to access Binance because they don't necessarily block our IPs. It bypasses the ISP DNS block while at the same time doesn't violate any TOS. I believe the risk is significantly lower compared to using a VPN, especially if your VPN doesn't offer a dedicated IP address. CMIIW.
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Yes i also saw this news. Because The Director FIU IND wrote to the secretary of Meity to block these exchanges as they were illegally operating without following the provisions of the PML act in India. So indian government removed Binance, Kucoin, gate. io, Hubi, Bittrex and others crypto exchanger.
They did for investigation. India is biggest populated country. Huge people involved in crypto. I think indian government understand it. And this exchangers will follow thats government ruls and within short time all exchangers will Legal Again i strongly believe it.
This is the same scenario for Binance in our country, they accumulated several users in our country, and our government was alarmed because they are accepting users in our country without the necessary permit and license to operate, so if ever one of our countryman face a big issue
he is left all alone to deal with, these big exchanges should comply with the country where they are operating, because they are profiting from these users' activity.
So far Binance is doing nothing to get compliancy in our country I don't know if they will do the same in these countries, these exchanges will continue to lose a lot fo markets if they continue to operate illegally.
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I have already come to know such news but different media are publishing different news about it. I visited many sites to know for sure but in no site I found any specific information as to why the Indian government has banned the use of this important crypto exchange in their country. India has a large number of people who invest directly and a large number of investors use all these exchanges including Binance. Perhaps the Indian government does not want its citizens to transact using all these crypto exchanges, including Bitcoin. The central bank of India may want people of their country to do their transactions entirely through banks, so they suddenly took this decision.