Altcoins Talks - Cryptocurrency Forum

Learning & News => News related to Crypto => Topic started by: Cordillerabit on December 29, 2023, 02:49:42 AM

Title: India to Ban 9 Crypto Exchange URLs Including Binance & Kraken
Post by: Cordillerabit on December 29, 2023, 02:49:42 AM
(https://watcher.guru/news/wp-content/uploads/2023/08/india-800x450.jpg)

According to recent reports, India is set to ban 9 crypto exchange URLs in a move from the country’s Financial Intelligence Unit. indeed, they have called for the Ministry of Electronics and Information Technology to block the URLs for exchanges like Binance, Kraken, and others.

The move will also affect Huobi, Kucoin, Bittrex, Gate.io, Bitstamp, Bitfinix, and MEXC Global. Moreover, a press release revealed that the ban occurred after these virtual asset service providers (VASP) were not in compliance with the Prevention of Money Laundering Act.

Source: https://watcher.guru/news/india-to-ban-9-crypto-exchange-urls-including-binance-kraken
Title: Re: India to Ban 9 Crypto Exchange URLs Including Binance & Kraken
Post by: Ambatman on December 29, 2023, 11:52:09 AM
Reminds me a little of my country action Nigeria now they lifted the ban.
It's a minor inconvenience but I believe people would still find a walk around but I doubt if VPNs would work.
Regulations should be placed in order.
I believe cryptocurrencies growth is inevitable
The government just have to find ways to adapt and protect her citizens.
Title: Re: India to Ban 9 Crypto Exchange URLs Including Binance & Kraken
Post by: silkytakyaan86 on December 29, 2023, 03:52:59 PM
We are seeing the future in crypto. But the Indian government is trying to end it. Unable to understand. What steps are being taken for security. I felt very bad after hearing this. But then I'm thinking. If this ban has been done then there must be some reason behind it.
Title: Re: India to Ban 9 Crypto Exchange URLs Including Binance & Kraken
Post by: DabsPoorVersion on December 29, 2023, 04:33:38 PM
Quote from: silkytakyaan86 on December 29, 2023, 03:52:59 PM
We are seeing the future in crypto. But the Indian government is trying to end it. Unable to understand. What steps are being taken for security. I felt very bad after hearing this. But then I'm thinking. If this ban has been done then there must be some reason behind it.
Maybe the reason behind it is the same as in our country.
The Philippines has recently announced to blocking of multiple unregistered exchanges to protect local users from potential future harm. Similarly, in India, the news only refers to these exchanges and not Bitcoin or other cryptocurrencies specifically.

They may be attempting to ensure compliance with their regulations for these exchanges, but the positive aspect is that cryptocurrency use is not being prohibited.