Binance Assures Funds of Indian Users’ Safe after URL Ban

Binance India URL has been Banned by Indian Government. The Binance website will not open in Indian IP

Indian IT Ministry has blocked URLs of Binance, Kucoin, Houbi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex on January 12 after their apps were removed from Apple App Store in the country. 

Binance has sent an official email to its India users on the IP block and assured that the exchange is committed to adherence of local regulations and law and is speaking to regulators to ensure user protection and maintaining a healthy Web3 industry. The exchange has assured that the funds remain safe of all the users.

The move by the Indian government comes after the show-cause notice sent to these exchanges on 29^th December by FIU for operating illegally in India and not registering and following local tax rules. 

The development is a blessing in disguise to domestic rivals such as WazirX, CoinDCX, Mudrex and CoinSwitch Kube. According to a source, inflows from users and traders at WazirX jumped about 250 percent in the four days following India's Dec. 28. WazirX and Mudrex received about 70 percent of their inflows from Binance, while CoinDCX witnessed the figure at around 40 percent. 

Indian is one of the most promising markets to Binance and the exchange is working hard to benefit every user and all market participants with constructive policy-making in the country. If you are trading on an international platform that is not registered with FIU, it is advisable you move your assets to an Indian cryptocurrency exchange that is FIU-registered or a hardware wallet for the safety of the funds.