Binance Reassures Indian Users about Security of Funds During 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.
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