Summary
India has blocked access to global cryptocurrency exchanges, including Binance, KuCoin, and OKX, through an IP block. However, it is still possible to access the websites of Binance, OKX, and KuCoin via Google Chrome without a VPN. The Ministry of Electronics and Information Technology has asked Apple to restrict access to foreign exchange applications on iOS and Android app stores. The move comes after the Finance Ministry’s Financial Intelligence Unit warned that some international exchanges may be involved in money laundering. Indian exchanges are thriving as investors flock to local platforms due to the restrictions on foreign exchanges.
Key Points
1. India has blocked access to global crypto exchanges such as Binance, KuCoin, and OKX, implementing an IP block that prevents Indians from accessing the URLs of these foreign platforms.
2. Despite the block, it was still possible to access the websites of Binance, OKX, and KuCoin via Google Chrome without using a VPN, while Safari and Mozilla Firefox browsers allowed access to the Binance website without a VPN.
3. The Ministry of Electronics and Information Technology asked Apple to restrict Indians from accessing foreign exchange applications, leading to restrictions on foreign crypto exchange applications in both the iOS and Android app stores for Indians.