Binance India is currently banned for Indian crypto investors. When will Binance be accessible to Indian crypto investors remains to be seen.
Binance, the world’s largest cryptocurrency exchange, is currently inaccessible to Indian users due to regulatory actions. Indian Financial Intelligence Unit blocked its access to India because Binance has violated the rules & regulations of this sacred institution.
The Indian Financial Intelligence Unit recommended blocking Binance URLs for non-compliance with the Prevention of Money Laundering Act leading to the app’s removal from Indian app stores, Despite this, some investors find illegal workarounds, such as using alternative URLs or third-party apps, to access Binance.
Binance: Largest Crypto Exchange
Binance is a global company that operates the largest cryptocurrency exchange in terms of the daily cryptocurrency trading volume. Binance has been the subject of lawsuits and challenges from regulatory authorities throughout its history. As a result, Binance has been banned from operating or ordered to cease operations in some countries, and fines have been issued…Â
Binance also pleaded guilty in a U.S… federal court to money laundering, unlicensed money transmitting, and sanctions violations.
Binance India: A History of Breaking Laws of Land
In India, the Financial Intelligence Unit recommended blocking the URLs of Binance on the grounds of noncompliance to the provisions of the Prevention of Money Laundering Act, 2002 (PMLA).
The Binance application was removed from the app store and Google Play store by the Indian government to prevent its use by Indian crypto investors.
In June 2024, Binance India violated the local anti-money laundering regulations and was imposed with a fine of US$ 2.25 million by the Financial Intelligence Unit.
Due to recent regulatory changes accessing the Binance India website is not possible through legitimate means.
Binance India: Investors Finding Workarounds to Access Binance
Despite the ban on Binance India investors have found workarounds to access Binance website.
There are some illegal ways to access the official Binance website. These include (but are not limited to):
Using alternative URLs: Binance India has provided some alternative URLs to bypass the restriction, some of these URLs are binance.me and binance.info.
Using third apps: Binance India is banned for now, however, some crypto investors use reliable third-party apps from Google Play Store or App Store such as super vpn to access the original Binance website.
After installing Binance from the Play Store or App Store there is no need for third-party apps for Binance India running.
Binance India: Current Illegal Activities
It is illegal to engage in the following process on Binance:
Account Verification
Once you’ve accessed Binance, it is illegal to engage in the following activities on Binance India:
Create an account: Illegally provide the necessary details, including your email address and a strong password.
Identity verification Submitting documents like a government-issued ID and proof of address for the Know Your Customer (KYC) process is not allowed. Even though this step is important for security and accessing all features, it is not legally permitted…
Deposit and Trade
After successful account verification, users may think they can start using Binance, but it is illegal to:
Deposit funds: Transferring funds (via bank transfer, cryptocurrency, etc.) to the Binance account is considered an unlawful action.
Start trading: Utilizing Binance’s trading interface to buy, sell, or trade cryptocurrencies is illegal and not permitted. Binance India charges trading fees and withdrawal fees.
Conclusion
Binance is preparing to re-enter the Indian market, although the exact date hasn’t been announced yet. Binance was banned due to regulatory issues but has since worked to comply with Indian laws, and they paid a $2.25 million fine and registered with the Financial Intelligence Unit to follow anti-money laundering rules.
However, the cryptocurrency market is always changing, so participating in Binance India activities might still have legal risks.
Also Read:- Binance CEO CZ Guilt Free From Prison: A Timeline of Events
