Cryptocurrencies are digital tokens — not coin or cash — but digital money which allow people to make payments directly to each other through an online system set-up to allow peer-to-peer transactions without needing a bank. Cryptocurrency payments exist purely as digital entries into an online database that describes specific transactions. Cryptocurrency is stored in a digital wallet. Cryptos came into existence after the 2008 financial market crisis when a need was felt to democratise how currencies are held, exchanged and regulated. That year a person under the anonymous name Satoshi Nakamoto invented Bitcoin. Cryptos today also include Ethereum, Tether, Cardano, and Dogecoin, among others. Cryptos are more democratic in nature – you can use them in any part of the world, but as much as you want and use them anywhere. There is a network of people and their computers which maintains a ledger and any transaction must be validated by all those present in that network. The ledger then gets updated to reflect the transaction. This technology is called blockchain. Cryptos also express values in units similar to traditional currency and some people also consider Bitcoin comparable to gold as they are finite in number and supply and need to be mined. Mining is the process by which new cryptos enter circulation and is also a critical component of the maintenance and development of the blockchain ledger.
“We are aware of an IP block affecting a number of crypto firms, including Binance. This only impacts users who attempt to access the Indian iOS app store or the Binance website from India,” Binance said.
Websites of crypto platforms Binance, Kucoin, OKX among others were blocked in India on January 12, coming days after they were removed from Apple App Store in the country. This comes after these platforms received show-cause notices from the finance ministry for not complying with the country’s money laundering laws.
The show-cause notice was sent on December 28 to Binance, Kucoin, Houbi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex for operating illegally in India by not registering and following local tax rules. The finance ministry had directed the information technology ministry to block the URL
Two days, back these platforms were blocked on App Store.
Websites of crypto platforms Binance, Kucoin, OKX among others were blocked in India on January 12, coming days after they were removed from Apple App Store in the country. This comes after these platforms received show-cause notices from the finance ministry for not complying with the country’s money laundering laws.
The show-cause notice was sent on December 28 to Binance, Kucoin, Houbi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex for operating illegally in India by not registering and following local tax rules. The finance ministry had directed the information technology ministry to block the URLs.MoneyControlFlipkart records highest-ever single day sale, grosses $200mn.
Sources privy to the development told Moneycontrol that a few of these platforms were blocked in India including Binance, Kucoin and OKX.
Two days, back these platforms were blocked on App Store.
Confirming the development, Binance’s Customer Support handle wrote on X, “We are aware of an IP block affecting a number of crypto firms, including Binance. This only impacts users who attempt to access the Indian iOS app store or the Binance website from India. Existing users who already have the Binance app are not affected.”
