SUMMARY
Crypto exchange Binance has assured users that all user accounts and funds are secure
The crypto exchange also said it remains committed to adhering to local regulations
A few days ago, tech giant Apple delisted at least three offshore crypto exchanges, including Binance, Kucoin and OKX
In the wake of tech giant Apple delisting at least three offshore crypto exchanges, including Binance, from its India app store, the latter has assured its users that their accounts and funds are secured.
“Existing users can continue to use the current version of the app. We are working hard to engage in constructive policy-making that seeks to benefit every user and all market participants,” Binance said in a statement.
The crypto exchange also said it remains committed to adhering to local regulations and fostering ongoing communication with regulators globally.
“The ongoing situation is not unique to Binance and we remain committed to complying with local regulations and maintaining dialogue with regulators worldwide to ensure the continued availability of our services,” the platform told its users.
Despite challenges, the company remains optimistic about the potential of the Indian market.
“We continue to bet big on India as a leading Web3 market and we are exploring all avenues to establish a long-term sustainable business in India,” it said.
Earlier this week, Apple delisted Binance, along with Kucoin and OKX, from its India app store after the finance ministry issued show cause notices to nine virtual digital asset (VDA) service providers for not complying with provisions of anti-money laundering laws.
The show cause notices were issued to the overseas platforms for not registering as reporting entities with the Financial Intelligence Unit (FIU). Thereafter, the unit also wrote to the Ministry of Electronics and Information Technology (MeitY) to block the websites of these nine entities.
The government is reportedly mulling further action, including a potential ban on Indian operations of overseas cryptocurrency apps, such as Binance, if they are found guilty under the Prevention of Money Laundering Act (PMLA).
Meanwhile, the central bank remains staunch about its stance on crypto. Last October, Reserve Bank of India (RBI) Governor Shaktikanta Das reiterated the central bank’s unwavering stance on a cryptocurrency ban, emphasising that there has been no change in their position.
Despite substantial regulatory challenges, India surprisingly claimed the top position in Chainalysis’ 2023 Global Crypto Adoption Index. This represents a rebound from the previous year when India had slipped to the fourth spot in Chainalysis’ 2022 adoption index.
FAQs
Binance Assures Safety Of Indian Users' Accounts And Funds After Apple's Delisting. In the wake of tech giant Apple delisting at least three offshore crypto exchanges, including Binance, from its India app store, the latter has assured its users that their accounts and funds are secured.
Can Indian citizens use Binance? ›
In January, Binance was among nine offshore cryptocurrency platforms to be prohibited from operating in India through web addresses and mobile applications. The government's action was in response to the platforms' failure to comply with FIU and PMLA guidelines.
How to access Binance from India after banning? ›
Here's a quick breakdown: Shadow Ban: Indian authorities are blocking access to Binance through internet service providers (ISPs). This restricts direct access, but users can still potentially access Binance through virtual private networks (VPNs).
Does Binance protect your money? ›
All cash deposits at Binance.US are held in U.S. banks and insured up to $250,000 by the Federal Deposit Insurance Corp. (or FDIC). Cryptocurrency at Binance is not insured. However, the company does keep a Secure Asset Fund for Users (SAFU) of over $1 billion to protect users in case of a major cybersecurity attack.
Is Binance coming back to India? ›
🇮🇳 After paying a penalty of $2,000,000, Binance, the world's largest crypto exchange, is set to restart operations in India.
Can I use my Indian Binance account in USA? ›
Can I use Binance in the US with a VPN? Yes, you can use a VPN to gain access to Binance.com in the US. A VPN hides your real IP address and location behind an IP address belonging to your provider in the country you connect to.
How safe is Binance in India? ›
Binance is one of the most reliable and popular exchanges with millions of users worldwide and a wide range of cryptocurrency options. Here are some benefits that Binance offers: Security: Binance uses the most advanced security measures to protect user funds.
Is it illegal to use Binance in India? ›
The regulatory actions against Binance in India have ranged from banning the platform's services to restricting banking services and other financial services that support the exchange's operations. The government has also issued warnings and advisories to Indian users regarding the use of Binance.
Can I open a Binance account from India? ›
Firstly, you need to sign up on Binance.com by using your phone number or email address, entering a strong password, and moving on to verify them. Then, you will have to activate the 2-step authorization, which will increase the security of the account.
Which countries are banned from Binance? ›
Here's a list of countries whose traders are banned from trading on Binance:
- Ontario (Canada)
- China.
- Europe (for derivatives trading)
- Malaysia.
- Japan.
- UK.
- Thailand.
- #TrendingTopic #BTC.
Is Binance 100% safe? No cryptocurrency exchange can guarantee 100% safety, but Binance has implemented several measures to protect users' assets, such as a $1 billion insurance fund, comprehensive account security and asset audits.
Is Binance in trouble financially? ›
The CEO of Binance Holdings Limited (aka Binance), the largest cryptocurrency exchange in the world, pleaded guilty in November 2023 and agreed to pay $4 billion to resolve the investigation into violations related to the Bank Secrecy Act (BSA)—i.e., failure to register as a money-transmitting business.
Is Binance legal in the US? ›
United States. In 2019, Binance was banned in the United States on regulatory grounds. In response, Binance and other investors opened Binance.US, a separate exchange designed to comply with all applicable US federal laws, which nonetheless is banned in six states: Hawaii, Idaho, Louisiana, New York, Texas, and Vermont ...
Can Binance return to India by paying a $2 million fine? ›
Binance, the world's largest cryptocurrency exchange that was banned from India is ready to return after paying a penalty of about $2 million, according to a report in The Economic Times.
Is Binance regulated in India? ›
What's going on here? exchange has now registered with India's Financial Intelligence Unit (FIU), allowing it to resume operations which were previously halted in December due to non-compliance issues.
Which crypto app is legal in India? ›
CoinSwitch is one of the safest homegrown crypto exchanges in India. It is a platform best suited for those who are new to crypto trading, as it offers a user-friendly interface and seamless in-app integration. It supports multiple modes of payment, including UPI, bank transfer, net banking, and debit and credit cards.
Can I open account in Binance from India? ›
Firstly, you need to sign up on Binance.com by using your phone number or email address, entering a strong password, and moving on to verify them. Then, you will have to activate the 2-step authorization, which will increase the security of the account.
Is Binance licensed in India? ›
MUMBAI, May 10 (Reuters) - Binance, the world's largest cryptocurrency exchange, has registered with India's Financial Intelligence Unit (FIU), a senior FIU official said on Friday, as the exchange seeks to resume operations in the country.
Does Binance require KYC in India? ›
By 2024-05-20, sub-accounts holders that have not provided the necessary KYC information will have their accounts fully restricted and will no longer have access to the Binance Link Program services.
How can I access my Binance account in India? ›
The current safest solution for Indian Binance users would be to move all their funds to an FIU-IND-compliant crypto platform, Mudrex being one of the most user-friendly ones. But to access and transfer funds from Binance, in a country where the URL is banned, using a reliable VPN is the best solution.
