Hey All,
Ok so right now in India the restrictions are imposed on accessing the websites of leading global cryptocurrency exchanges and virtual digital asset service providers, including but not limited to Binance, Kucoin, and OKX. I have funds in Binance - what should be my plan of action? Government banning these exchanges is an action taken/followed upon issuance of show-cause notices by the government to these crypto exchanges, citing non-compliance with the nation's anti-money laundering laws. Here what I get when I was trying to visit Biance - the website cannot be reached. Are my funds save is the mimmediate question that comes to the mind.
On December 28, 2023 of the preceding year- Binance, Kucoin, Bittrex, Bitstamp, MEXC Global, Huobi, Kraken, gate.io, and Bitfinex received show-cause notices for their alleged illegal operations in India. The notices were issued due to the companies' non-compliance with registration requirements and local regulations. And here we are that now actions are in place where users are not able to access these major crypto exchanges. In my case, I have decent amount of $4K+ dollars sitting on Binance and thankfully I just use this exchange only and for other crypto needs I rely upon the DEX - decentralized exchanges.
Right Now VPN is your Solution to Access Exchanges which are Blocked...
We have already seeing Binance assuring safety of Indian Users’ Accounts and funds - but how much one should rely on this surety. What if things becomes more worse its better to take actions now rather then regretting latter. No doubt there are ways to access these blocked exchanges and one can definitely use VPN (Virtual Private Network) which is a secure network connection that allows users to access the internet privately by encrypting their data and masking their IP addresses. But should we be doing it when a country has put a Ban of websites and we are still trying to connect to them via alternative methods and here by using VPN.
Just to be sure that VPN is working fine - I did tried to leverage Veepn free services and to my surprise it worked and I was able to access Binance website. The Veepn provides many other services like masking IP, location preference and other services but then those are paid. You wan to check yourself incase you are interested to know more about it.
WazirX and Mudrex estimated that roughly 70% of their fresh inflows came from Binance, while CoinDCX put the figure at around 40%
Indian Crypto exchanges are reporting a surge of users and inflows of crypto at the moment and the surge reported is more than 70%. Right now I have not moved my funds but sooner will be redirecting it to an Indian exchange or maybe a Dex as in my case $RUNE can easily be moved @Thorwallet which is far safer then keeping funds on Binance at the moment... cheers
Have Your Say On - India Bans Foreign Crypto Platforms...
Indian crypto user? Did you notice Binance being blocked? What are your thoughts on the same and are you moving your funds out from the foreign exchanges? Wazirx - BitBns what's are go to platform here in India? Please let me know in the comment section below...cheers
India - Binance, Kucoin, and OKX Exchanges Banned - What should be my plan of Action?
Image Credits:: biance, google, cyberkendra
Best Regards
PS:- None of the above is a FINANCIAL Advice. Please DYOR; Do your own research. I've an interest in Blockchain & Cryptos and have been investing in many emerging projects..