India bans foreign crypto platforms like Binance, Kucoin. What should investors do now? (2024)

FAQs

Can you use KuCoin in India? ›

The Indian government's Financial Intelligence Unit (FIU) has approved the registration applications of offshore cryptocurrency exchanges Binance and Kucoin as Virtual Asset Service Providers (VASPs) to operate in India. Kucoin, after paying a penalty of ₹35.5 lakh for past non-compliances, had its ban lifted.

In December 2023, around nine offshore exchanges including KuCoin, Binance, OKX, Houbi among others were found to be not registered under FIU-IND and weren't aligned with the provisions of the Prevention of Money Laundering Act (PMLA), 2002.

The ban on Binance, the world's largest crypto exchange, in particular, was seen as setback for India's crypto exchanges.

In conclusion, the best crypto exchanges in India include Mudrex, CoinDCX, CoinSwitch, WazirX, ZebPay, and BitBNS based on several factors like ease of use, security, fees, coin availability, and more. Each crypto exchange has its strengths and weaknesses, catering to various needs and preferences.

In January, Binance was among nine offshore cryptocurrency platforms to be prohibited from operating in India through web addresses and mobile applications.

Navigate to the "Withdrawal" section on the KuCoin platform, select your desired cryptocurrency (if you want to withdraw fiat currency, you'll need to sell your crypto holdings first), enter the withdrawal amount, and confirm your bank account details.

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.

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.

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. Binance is a centralized exchange where you can buy several cryptocurrencies including Bitcoin.

Which crypto is most used in India? ›

The top trending cryptocurrency in India is Cirus. Click on the coins below to learn more about the price and market data. You can also find out the best exchanges to trade these coins by comparing their exchange rates, orderbook depth, trading volume and other useful data.

CoinDCX, launched in 2018, is a leading cryptocurrency exchange in India, prioritising user experience and security. With a valuation of $1.1 billion, CoinDCX is recognised as one of India's largest and safest exchanges, affirming its strong presence in the cryptocurrency industry.

KuCoin supports over 200 countries worldwide. Its global reach allows users from various regions, including North America, South America, Europe, Asia, and more, to access the platform and start trading.

The crypto tax rate in India includes a flat 30% tax on profits from virtual digital assets such as cryptocurrencies and NFTs, along with a 1% Tax Deducted at Source (TDS) for transactions exceeding specified thresholds.

Summary: KuCoin, a global cryptocurrency exchange, operates in over 200 countries but faces restrictions in specific markets, including the US, mainland China, Hong Kong, Singapore, Thailand, Malaysia, and Ontario, Canada due to stringent local financial laws.