Binance, one of the world’s largest cryptocurrency exchanges, has allegedly tried to circumvent the recent ban imposed by the Indian authorities on foreign crypto platforms. The exchange has reportedly released two new URLs for its Indian customers to access its services without using a VPN.
Keyur Rohit, a famous crypto influencer on the social media platform X (formerly Twitter), first revealed the news. Rohit posted a screenshot from Binance Verify, a service that verifies the authenticity of Binance-related websites, showing that the two new URLs are valid and associated with the exchange.
Rohit also shared another screenshot of a chat between a user and a Binance customer care representative. The user asked how they could access the Binance platform after the ban, and the representative replied that they could change the ‘.com’ to ‘.me’ or ‘.info’ in the original URL. The representative also assured the user that the websites are safe and secure.
Binance Among Nine Crypto Exchanges Targeted By Indian Regulator
The move by Binance comes amid a crackdown by the Indian Finance Ministry’s Financial Intelligence Unit (FIU) on offshore cryptocurrency exchange platforms operating in the country without proper licenses. The FIU claims that these platforms pose a risk of money laundering and terrorist financing and violate the Foreign Exchange Management Act.
In Dec 2023, the FIU issued notices to nine crypto exchanges, including Binance, Kucoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfenex, warning them to cease their operations in India or face legal action. The FIU also said that these platforms have a large number of Indian customers who are not complying with the tax and KYC norms.
Google & Apple Remove Binance Apps From Indian Stores
Following the FIU’s warnings, Google and Apple removed the apps of Binance, Kraken, and other foreign crypto exchanges from their respective stores for Indian customers. The tech giants said that they comply with local laws and regulations and do not support any illegal or unauthorized activities.
The removal of the apps effectively blocked Indian customers’ access to these platforms, as they could not download or update them on their devices. However, some customers reportedly resorted to using VPNs or alternative sources to install the apps and continue trading.
Meanwhile, the FIU also took steps to block the URLs of the nine crypto exchanges, making it impossible for Indian customers to access them through their browsers. The FIU said that this measure was necessary to protect the interests of the Indian public and the integrity of the financial system.
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