Cryptocurrency Q&A
Which crypto app is banned in India?
Which crypto app is banned in India?
ShintoMystery
Wed Jul 31 2024
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7 answers
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I'm curious to know, which crypto app has been banned in India? I've heard rumors about several applications facing restrictions, but I'm not sure which one specifically has been prohibited. Could you clarify which crypto app is no longer available for use in India and what led to its ban? I'm interested in understanding the reasons behind the decision and how it might impact the overall cryptocurrency market in the country.
7 answers
CryptoWizardry
Fri Aug 02 2024
The Indian government has taken a strong stance against cryptocurrency exchanges operating within its borders.
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CryptoKing
Fri Aug 02 2024
In a recent move, the Financial Intelligence Unit (FIU) of India has banned several prominent cryptocurrency exchanges, including Binance, Kraken, and Kucoin.
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Sara
Thu Aug 01 2024
Among the exchanges banned by the FIU, BTCC, a UK-based cryptocurrency exchange, offers a range of services including spot trading, futures trading, and cryptocurrency wallets.
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Andrea
Thu Aug 01 2024
The FIU IND, the directorate overseeing the FIU, has written to the Secretary of the Ministry of Electronics and Information Technology (Meity) to enforce the ban.
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Silvia
Thu Aug 01 2024
The reason for the ban is that these exchanges were found to be operating illegally in India, without adhering to the provisions of the Prevention of Money Laundering Act (PML Act).
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