Binance Binance and other crypto exchanges may get banned in India

[niche]

According to media reports, Binance and other crypto exchanges may get banned in India. The financial intelligence unit (FIU) has sent a notice to the crypto exchanges for registering with them, and if the exchanges do not comply, their urls may get banned. Are any crypto exchanges banned in your country?

 

[Isi24]

Yea I saw a post like this one watcher guru, safe to say few other exchanges like bitget aren’t amongst the list of exchanges that will be banned in India

 

[niche]

There are a large number of crypto exchanges worldwide, and the FIU has only sent notices to the major exchanges which are popular in India. Most indian crypto holders have an account with Binance, since it has low fees compared to other exchanges and also lists a large number of coins.

 

[Etini]

The ultimate aim of the this move as I see it is just to help the Indian owned crypto exchanges thrive because they can't survive the competition of the global crypto exchanges like Binance and Kucoin. This has happened in many countries including US and those exchanges were warned with hefty fines and possible outings of top managers but banning the majority of foreign owned crypto exchanges is really suspicious.

I just hope that the Indian government would have a rethink and enforce tighter enforcement to their local laws than outrightly banning these crypto exchanges because it cuts off Indians from participating in the global crypto trading market.

 

[niche]

Yes, some indian exchanges are not even having Litecoin , so indians who receive crypto payment are forced to waste money using currency swap. In other cases, the KYC procedure is very tedious, requiring photos. Other indian exchanges are charging a monthly maintenance fee for those who do not trade regularly.