New Delhi, India, December 22, 2023 – The Indian government has directed authorities to block access to several major crypto exchange websites within the country, signaling a tightened grip on digital asset activity amid concerns over regulatory compliance and investor protection.1
The websites of Binance, KuCoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global and Bitfinex are the websites that will be affected once implemented. 2
The Financial Intelligence Unit (FIU), under the Ministry of Finance, had issued the directive, citing non-adherence to anti-money laundering (AML) regulations and inadequate investor safeguards as key reasons for the action.
The blockage orders, likely to be implemented soon, are expected to significantly disrupt crypto trading access for Indian users and potentially dampen market activity and liquidity.
The crypto community in India and elsewhere are concerned over the unexpected development.
Industry stakeholders highlighted the potential stifling effect the ban could have on crypto adoption and innovation within the country.
Some reports said that the action could have ripple effects across the global crypto landscape, prompting other jurisdictions to consider stricter measures.
- Bloomberg: https://www.bloomberg.com/news/articles/2023-12-28/india-to-block-crypto-exchange-websites-in-widening-crackdown[↩]
- Times of India: https://timesofindia.indiatimes.com/business/india-business/government-set-to-block-9-global-crypto-platforms-in-india/articleshow/106362249.cms?from=mdr[↩]
