India Bans Foreign Crypto Exchange URLs and Mobile Apps
Recently we have seen that how India has received the show cause notice to 9 international cryptocurrency exchanges. Although in the notice there was no deadline how were it was assumed that they will be giving to its time to these exchanges. Looks like this was right because just after 2 weeks the Indian government has started banning the applications and blocking their URL in the country.
First of all they remove the mobile application form Apple app store changes and then the URL is blocked as well. Now many users are reporting that they're not able to use some exchanges like Binance, Kucoin, Kraken etc. while this is a problem for the users but some of them are reporting that they are able to access with means that ban is not completely done however you never know when this will be applicable across the changes that are operating in India but they are not local in the country.
Binance is one of the leading exchange and they have confirmed that they're in discussion with the relevant authorities for legal proceedings. They have also shared that they are working with the relevant authorities for the registration process and this is not a unique situation for them since they have gone through the similar situation in many countries.
This situation is not good for the users who are using their products and services and in the main time man they are trying to get the issue resolved it is highly recommended to take your funds out because this is a proactive approach that everyone should follow. As per the exchange the funds are because there is no problem with the exchange and it is just the Indian government who is blocking the internet accessibility for these companies through the URL and their mobile applications.
If you are from India then you must take the action to safeguard your funds for now at least till the time this issue is not resolved. Even VPN is not suggested for the trading purpose because that is not delete the option how one time it can be used to withdraw the funds which I don't think is wrong because ultimately securing the funds is the priority and you are not booking any profit through this way.
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Well I guess this is bad news for this exchanges and people in the country who might have gotten accustomed to them.
yes its a bad news friend
So sad news for indian people. Hope this problem will be solved soon.
Its really sad bro
This is big bad news along with the positive news of ETF approval. But I have one option that I want to share, and that is ionomy Exchange there is no KYC required to use this exchange. So I think Indian users should try this.
Its bad indeed