Here’s why Indian Govt blocked crypto sites Binance, Kucoin, and OKX

Crypto platforms, including Binance, Kucoin, and OKX, faced website blocks in India on January 12, shortly after being removed from the Apple App Store in the country. This action follows show-cause notices issued by the Finance Ministry, citing non-compliance with India’s anti-money laundering regulations.

The Finance Ministry sent the show-cause notice on December 28 to Binance, Kucoin, Houbi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex, accusing them of illegal operations in India by neglecting to register and adhere to local tax regulations. In response, the Finance Ministry instructed the Information Technology Ministry to block the URLs of these platforms.

A Moneycontrol report stated that Binance, Kucoin, and OKX were among the platforms blocked in India. This move followed the platforms’ removal from the Indian Apple App Store just two days prior.