India has reportedly suspended access to numerous foreign cryptocurrency exchanges, such as Binance, KuCoin, and OKX. 

According to the Economic Times, this action follows a period of continued non-compliance with the Financial Intelligence Unit’s (FIU) official requests for clarification from the crypto exchanges.

The block also extends to the Android versions of these exchanges, based on orders already put into effect, as confirmed to the local press by a high-level government source.

Earlier in the week, Apple set a precedent by removing these offshore exchanges from its App Store following a show-cause notice issued by the FIU under the finance ministry.

The move came after the FIU raised alarms over suspected money laundering activities on the affected platforms and advised a ban until they comply with the country’s crypto regulations. 

To rectify the situation, the FIU reportedly sent notices on Dec. 28 to nine exchanges, including Binance, requesting justification for their unlicensed operations in India.

The IT ministry was also urged to block URL access to these platforms, lead

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Author: Julius Mutunkei

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