According to media reports in Times of India and Economic Times, India may ban Binance and other crypto exchanges .
The Financial Intelligence Unit (FIU) of the indian government has sent show cause notices to the following exchanges
Binance
Bitfinex
MEXC Global
Kraken
Kucoin
Huobi
Bittrex
Bitstamp
The FIU has also sent a notice to the Ministry of Electronics and Information technology to block these websites as they are not complying to the provisions of the prevention of money laundering act (PMLA)
Any action against the crypto exchanges will be very inconvenient since a large number of indians have invested in cryptocurrencies since it is profitable and the government policy of hiring fake experts in the indian internet sector, who are faking their resume, experience, bank account, online income and online investment, makes it difficult to make money online .
Specifically Binance is very popular in India, and Indian account holders will waste a lot of time searching for a new way to trade and store their crypto assets securely.
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