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    Home » India continues to crack down on cryptocurrency exchanges
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    India continues to crack down on cryptocurrency exchanges

    By 霏January 2, 2024Updated:January 31, 2024No Comments3 Mins Read
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    • India is taking steps to crack down on overseas cryptocurrency exchanges like Binance.
    • Binance, the world’s largest cryptocurrency exchange, has come under increasing pressure from global regulators over the past year.

    India steps up crackdown on cryptocurrency trading

    India has cracked down on overseas crypto exchanges like Binance, saying they are operating illegally in the country and taking action to block locals from accessing the sites, according to Bloomberg.

    India’s Financial Intelligence Unit (FIU) issues so-called compliance justification notices to several exchanges including Binance, Kraken, KuCoin, and Huobi.  According to a statement on December 28, the authorities also asked the Information Ministry to block the Web addresses of the nine entities.

    The Indian government imposed important rules on the crypto industry this year, joining other countries in tightening regulation of digital assets.  A year ago, a tax imposed by authorities on transactions led to a sharp drop in trading volumes, dealing a major blow to local cryptocurrency exchanges.  An explanation notice is issued when an individual or entity is suspected of misconduct.  This is an official requirement to prove that an individual or entity is complying with Indian law.

    The FIU said in its statement that some overseas entities provide services to a large proportion of Indian users but are not registered and subject to the anti-money laundering and anti-terrorist financing framework.

    At the previous G20 summit, Indian Prime Minister Narendra Modi spoke in favor of establishing comprehensive global regulation for cryptocurrencies. Modi’s emphasis on embracing technological advances and taking a unified approach signals a possible shift in India’s stance on cryptocurrencies.

    Also read: Indian Prime Minister Narendra Modi Advocates Global Cryptocurrency Framework at G20 Summit

    The economy is in a dilemma

    Local exchanges have complained that the new tax has forced Indian cryptocurrency traders to turn to non-taxed offshore platforms, further hurting their revenues. CoinDCX Chief Executive Sumit Gupta estimated in October that 95 percent of trading volume had moved to overseas exchanges.

    Bloomberg reported in 2021 that India’s anti-money laundering agency was looking into whether Binance could play a role in an investigation involving gaming apps. A Binance spokesperson did not immediately respond to a request for comment.

    Binance, the world’s largest cryptocurrency exchange, has come under increasing pressure from global regulators over the past year.  In November, the company pleaded guilty to anti-money laundering and U.S. sanctions violations and agreed to pay $4.3 billion.  Separately, the company’s co-founder and chief executive, Changpeng Zhao, agreed to step down as part of a deal with U.S. authorities.

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    Fei is a journalist at BTW Media, specialising in internet governance and IT infrastructure, with a focus on interviewing leaders in the technology industry. Holding a Master of Science degree from the University of Edinburgh, Fei is currently working in Europe. If you have the latest industry trends that you’d like to share with BTW Media, please feel free to reach out via email at f.wang@btw.media.

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