Binance Assures Indian Users on Safety of Funds Amid Regulatory Crackdown
Crypto firm Binance has been struggling to keep its grounds firm in the country of India. The Indian government’s crackdown on offshore crypto exchanges has led to some major names getting in trouble. In the wake of regulatory scrutiny, Binance has assured its customers that their funds are still safe and secured with the company.
Binance promises the safety of funds
Binance on Saturday informed its users in India that all their funds were safe despite the government crackdown that the firm is currently facing.
On January 12, the websites of several prominent international cryptocurrency exchanges, including OKX, Kucoin, and Binance, were blocked in India. This came right after the Indian government banned the download of mobile applications of these exchanges.
To reduce the sheer volume of cryptocurrency scams, the Indian government has lately begun enforcing stronger legislation.
Nine offshore bitcoin exchanges had previously received a show-cause notice from the Financial Intelligence Unit (FIU). The FIU sent the notice claiming that the exchanges were “illegally operating” and had breached India’s anti-money laundering rules.
Binance discourages users to use VPN, asks users to be patient
Binance also took to platform X on Saturday to warn its Indian users against the use of VPN. After Binance’s URL stopped functioning throughout India, along with Apple Inc’s app store pulling the app out, many users tried accessing their accounts using VPNs.
However, Binance in a tweet warned against the use of VPN as this could lead to the suspension of their accounts. It also asked its users to be patient while the crypto exchange is trying to solve its issues with the country’s government.
The crypto exchange also said, “We are working hard to inform constructive policy-making that seeks to benefit every user and all market participants.”
Binance loses hold in India as customers switch to other apps
CoinGape previously reported that shortly after Binance suspended operations, a swift upsurge occurred inside India’s domestically registered cryptocurrency exchanges. As of this writing, exchanges like WazirX, CoinDCX, and others seem to be gaining more users on their networks.
- John Bollinger Sees ‘W’ Bottom Forming in Ethereum and Solana, Not Bitcoin
- Robert Kiyosaki Calls Bitcoin and Ethereum ‘Real Money,’ Urges Investors to Ditch ‘Fake’ Fiat
- ‘Sell Gold, Buy Bitcoin’: Expert Flags Major Market Bottom Signal
- Ripple Makes ‘Unusual’ $500M Transfer Amid $1 Billion XRP Treasury Plans
- ‘I’m Going Bonkers’: Dave Portnoy Says He’ll Buy XRP Again If It Dips Below This Level
- Solana Price Prediction: Analyst Notes Bearish Breakdown Amid Derivatives Slowdown
- Shiba Inu Price Eyes Recovery as Burn Rate Jumps 10,785% – Can SHIB Hit $0.000016?
- Ethereum (ETH) Price Prediction: Analyst Eyes $7,000 by Q4 as Bitmine Accumulates $281M ETH — Will History Repeat Itself?
- HYPE Price Teeters Amid Weak Technicals and Soaring Liquidations
- XRP Price Prediction As Ripple Announces $1B Treasury Plans – Is a Rebound Imminent?
- Bitcoin Price Prediction Amid Gold’s Parabolic Rally to Second-Largest Reserve Asset
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
