India’s crackdown on foreign crypto exchanges leaves users and the industry in limbo.
Unclear regulations and a high tax create an uncertain future for the industry.
The Financial Intelligence Unit (FIU) issued non-compliance notices to several major foreign crypto exchanges in December 2023, demanding adherence to KYC and AML regulations. This was followed by app store bans and URL blocking, effectively shutting down access for Indian users.
The foreign crypto exchanges are Binance, HTX, Kraken, Gate.io, KuCoin, Bitstamp, MEXC Global, Bittrex and Bitfinex. These exchanges are given 12 days to comply with Indian regulations. It has left users with limited options and the industry calling for regulatory clarity.
The action stemmed from concerns about tax evasion and money laundering. According to Economic times estimates $4 billion of dollars in crypto assets being held on foreign platforms. Out of this $4 billion, 80% is held in Binance.
No Clear Regulations for Domestic
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