Despite negotiations and Binance’s willingness to pay taxes and adapt to the country’s laws, the government officials remain staunch in their refusal to make any concessions or remove the block.
The Indian government is now extending its efforts to collaborate with banks in order to introduce restrictive measures targeting individuals who attempt to bypass the Binance block by using virtual private networks.
Holding strong on their stance, the Cabinet of Ministers insists that adherence to anti-money laundering regulations is mandatory for all companies, including crypto exchanges, without any exceptions.
Prior to this, the Reserve Bank of India (RBI) reiterated its position on regulating cryptocurrencies, advising local investors not to anticipate any changes in the near future.