Binance website URL, along with 8 other offshore crypto exchanges, was blocked by the Government of India on January 12, 2024. These exchanges had received a show-cause notice from the finance ministry in December 2023 for not complying with India’s anti-money laundering laws. Kucoin was the first exchange to register with the Financial Intelligence Unit (FIU) and after paying a fine of ₹34.5 lakh, its URL was unblocked in March. Binance filed for FIU registration in April and was fined ₹18.82 crore, while OKX decided to discontinue its services in India.
Even though Binance’s website URL is now accessible in India, the app is yet to reappear on the Play Store and App Store. There has been no official update or announcement from Binance on its social media or blog, but people are able to access the website. This could indicate that Binance’s URL has been unblocked completely, but the status of the app remains uncertain.
The actions taken by the Government of India are part of a broader crackdown on offshore crypto exchanges that are not in compliance with anti-money laundering laws. The finance ministry’s show-cause notices to these exchanges were a warning to ensure they adhere to regulations and obtain the necessary registrations. Kucoin’s example shows that compliance with FIU registration requirements can lead to the unblocking of URLs, while non-compliance can result in fines and discontinuation of services.
Binance’s decision to file for FIU registration in April shows its commitment to complying with Indian regulations and operating within the legal framework. Despite being fined ₹18.82 crore, Binance seems determined to continue its operations in India and ensure that its services are accessible to Indian users. The unblocking of Binance’s website URL is a positive sign for the exchange and its users, indicating progress towards resolving regulatory issues.
The unblocking of Binance’s website also provides relief to Indian users who rely on the exchange for their crypto trading needs. The availability of Binance’s website means that users can once again access their accounts, trade cryptocurrencies, and engage in other activities on the platform. This development is likely to be welcomed by the crypto community in India, which has faced uncertainty and challenges due to the regulatory crackdown on offshore exchanges.
Overall, the unblocking of Binance’s website URL in India represents a step towards resolving regulatory issues and ensuring compliance with anti-money laundering laws. The actions taken by the Government of India and the responses from exchanges like Binance and Kucoin demonstrate the importance of regulatory compliance in the crypto industry. Moving forward, it will be essential for all exchanges operating in India to follow regulations, obtain the necessary registrations, and maintain transparency in their operations to ensure a safe and secure environment for crypto trading.
