In a move that has sparked controversy, the Indian government has taken a firm stance on the world’s largest crypto exchange, Binance, refusing to lift the block imposed on its internet resources. The authorities are demanding strict compliance with the Prevention of Money Laundering Act.
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.
Isla MacKenzie covers Web3 culture, NFTs and the metaverse from Edinburgh. A former product writer at Sky and CodeBase, she has been on the BTCNews team since 2022 and runs our weekly Creators newsletter. Isla studied Digital Humanities at the University of Edinburgh and was named one of CityAM's '30 Under 30 in Crypto' in 2024. She writes about culture without losing sight of the underlying tech.
