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.
Is my money safe in Binance India? ›
Answer is Yes! Binance Wallet (Trust Wallet) is safe to store cryptocurrencies.
What will happen to my Binance account in India? ›
Cryptocurrency exchanges like Binance, Kraken, Kucoin and others were banned in India by the FIU. The Director FIU IND wrote to the Secretary of Meity to block these exchanges as they were illegally operating without following the provisions of the PML Act in India.
Why did Binance get banned in India? ›
Binance was banned in response to its non-compliance with anti-money laundering laws in the country.
Is Binance coming back to India? ›
According to a report by the local news site Moneycontrol, crypto exchange Binance has returned to the Indian crypto market after its formal registration from India's financial intelligence agency. Friday, a statement on the first registration of the exchange was given by the head of the Financial Intelligence Unit ( ...
Is using Binance in India legal? ›
The exchange was barred from operating in India in December for non-compliance with local regulations as part of the financial watchdog's crackdown on offshore crypto exchanges that were operating in the country without registration.
Can I withdraw from Binance to my bank account in India? ›
For withdrawal from binance, you have to transfer your crypto to any Indian trading exchange e.g zebpay, coinswitch kuber, WazirX. Sell your crypto, this will give you INR. Withdraw INR to your bank account.
Will Binance return to India after paying $2 million in penalty? ›
Binance to Return to India After Paying $2M Fine for Non-compliance: Report. Binance crypto exchange is set to return to India after a four-month ban by paying a $2 million fine for non-compliance, according to a report published in Economic Times.
How to access Binance from India after banning? ›
Follow these simple steps to access Binance from India:
- Open your web browser.
- Enter either binance.me or binance.info in the address bar.
- Enjoy uninterrupted access to Binance's services.
How to delete my account on the Binance app?
- Log in to your Binance app and go to [Account Center]. ...
- Go to [Security]. ...
- Tap [Delete Account].
- Choose a reason for the deletion.
- Read the terms and conditions carefully and tap [Accept & Continue].
No worries! Binance offers many options where you can easily buy several cryptocurrencies including Bitcoin, with the lowest fees and highest security. Create a free account on the Binance website or the app.
Is cryptocurrency legal in India in 2024? ›
RBI Circular & Supreme Court Verdict: There was a Reserve Bank of India (RBI) circular in 2018 restricting banks from dealing with crypto businesses, but the Supreme Court overturned it in 2020. Cryptocurrency isn't illegal in India, but it operates in an unregulated space.
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.
What is the penalty for Binance in India? ›
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.
How to sell on Binance India? ›
How to sell crypto on Binance
- Log in to Binance and go to P2P trade (make sure you've added a payment method beforehand)
- Select express.
- Select the crypto you want to sell and the fiat currency you wish to sell it for.
- Enter the amount of crypto you'd like to sell.
- Select sell with 0 fee.
Cryptocurrency is a decentralized digital asset based on blockchain technology, used for buying goods/services, with over 1,500 types traded; it's taxed at 30% in India. TDS at 1% starts July 2022. Mining, staking, gifting, and airdrops are also taxable.
Is it safe to put money on Binance? ›
It offers two-factor authentication (2FA) to verify logins, a real-time monitoring system to detect suspicious wallet activity, security notifications through email, and many other advanced security features. So if you want a safe place to store cryptocurrency, Binance is one of your best bets.
Do I have to pay tax on Binance in India? ›
Tax on Crypto Transactions: In India, there is a 30% tax | Nadyisom on Binance Square. 1. Tax on Crypto Transactions: In India, there is a 30% tax on all cryptocurrency activities like trading, mining, and exchanging. 2.
Is Binance P2P safe in India? ›
The Indian government does not support P2P transactions, which is why many bank accounts are being frozen. 👉 Consider cash trading in person. Cash trading is safer, although it may involve higher rate differences. It's the safest option.
Is Binance based in India? ›
Binance was initially based in China, then moved to Japan shortly before the Chinese government restricted cryptocurrency companies. Binance subsequently left Japan for Malta and currently has no official company headquarters.
