Binance is banned in India😲- What to do next?
Welcome to the Cult!
In this brief letter we discuss the Indian government's recent actions against certain cryptocurrency exchanges and what this means for users going forward.
India Steps Up Regulation of Crypto Exchanges
The regulatory landscape for cryptocurrency exchanges in India has witnessed a series of impactful events in a short span.
It commenced with the Finance Ministry issuing notices to nine offshore crypto exchanges, including Binance, under anti-money laundering laws. This marked the initiation of compliance actions against entities allegedly operating illegally within the country.
Subsequently, the government escalated its stance by instructing Apple to remove Binance, Kucoin, OKEx and other exchanges from its App Store. This step, taken in response to non-compliance issues, underlines the authorities' commitment to scrutinizing and regulating the crypto space.
Looking ahead, there is a high possibility of internet providers blocking URLs associated with these exchanges.
What to do?
A Potential Ban on Wallets: If the government doesn’t loosen the string, wallets like Trust Wallet and others might face a ban as well, but you need not to worry as your crypto is represented by seed phrases, not the apps themselves. Simply use your recovery phrase to access funds on another provider like a hardware or paper wallet if wallets/exchanges are banned.
Moving Assets to FIU-Compliant Entities: Users who are still trading on banned exchanges should consider moving their assets to an cryptocurrency exchange that is FIU-registered. As of today there are total 31 Crypto Business that are registered with FIU.
The exchanges are in motion to address concerns and work towards compliance with the government, we will keep you informed about any further developments.
Note : The only purpose of this letter is to keep our users informed about the regulatory developments.
Remember - Not your keys, not your assets.
Cult Signing of until next time 🫡