Cryptocurrency Q&A
Is Binance legal in India in 2024?
Is Binance legal in India in 2024?
Raffaele
Fri Oct 25 2024
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7 answers
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In 2024, there were reports that Binance, a popular cryptocurrency exchange, was facing regulatory issues in India. The Indian government had taken strict measures against offshore crypto exchanges operating in the country without proper registration under the Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) framework. Binance was among the exchanges that received compliance notices and had its website blocked by the Indian authorities. However, there were also reports that Binance was trying to comply with Indian regulations and had even responded to tax-related investigations, indicating a possible effort to legalize its operations in India.
7 answers
KimonoGlory
Sun Oct 27 2024
The Ministry of Electronics and Information Technology (MeitY) was responsible for enforcing this action.
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Margherita
Sun Oct 27 2024
Prior to the ban, a show cause notice was issued.
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PearlWhisper
Sun Oct 27 2024
This notice was sent to nine offshore Virtual Digital Asset (VDA) providers.
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Margherita
Sun Oct 27 2024
On January 12, 2024, India implemented a significant ban.
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BlockchainMastermind
Sun Oct 27 2024
The ban targeted Binance and eight other offshore cryptocurrency exchanges.
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