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FIU Blocks Several Global Crypto Exchanges

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The Indian Ministry of Finance's Financial Intelligence Unit (FIU), has blocked several global crypto exchanges operating in India, alleging they were carrying out operations without a license. In December 2023, FIU issued a warning to several global crypto exchanges including Binance, Bittrex, Bitstamp, Bitfinex, Gate, Huobi, Kraken, Kucoin and MEXC global. The FIU also found several violations regarding money laundering committed by the crypto exchange.

Currently FIU has also blocked the crypto exchange URL. Apart from that, Google has also removed the crypto exchange mobile apps on both Android and Apple. So users in India cannot access several global crypto exchanges.
 
This decision is very inconvenient for indian users receiving crypto payment from ad networks, faucets and other online businesses. They now have to waste time creating a new account in different exchanges and wallets to receive payment.
 
I am from India. And the Indian government's stand on cryptocurrency has always been a discouraging one. They have their own logic and judgements for the same. They never came forward with a clarity on the matter. The cryptos got legalised and were made taxable. But it was never given acceptance by the government and it's future always hanged with a thin thread in the air. RBI has always warned against it and has been very clear that cryptos would not become a part of mainstream economy and transactions. In fact they show it as a threat to economy of the country.
 
Many governments only make unilateral decisions, without caring about crypto users in their country. The crypto community in my country tells the government that if crypto is subject to high taxes then there will be a lot of transactions with global exchanges so that a lot of local fiat money will move to other countries which will ultimately worsen a country's financial situation.
 
Government have to be strict with crypto currency for the nation's good. Cryptos if not monitored posses many threats to the economy and security of the nation.
But then it's not pragmatic to go for unilateral decision. Government has to understand that millions in their country are involved with cryptocurrency. A strict law should be implemented and a clarity should come. But them being decentralised asset, it is challenging to bring it under legal introspection.
 
Currently, India and China, which are two big countries, prohibit crypto, but even though crypto is prohibited in China, crypto users, both investors and traders, can still carry out their activities, especially those who use VPN to access global exchanges or go to Taiwan or Hong Kong. They also use trading methods, crypto to crypto and P2P and generally they use the USDT stablecoin as their trading partner.
 
India government stand is understandable. The government did not ban cryptocurrency exchange but collect taxes from them. That is win-win situation. But in Nigeria case, government stand is confusing. I don't think anybody knows what Nigeria government wants.
 
magnus2022 said:
India government stand is understandable. The government did not ban cryptocurrency exchange but collect taxes from them. That is win-win situation. But in Nigeria case, government stand is confusing. I don't think anybody knows what Nigeria government wants.
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Our own problem is not crypto but our domestic currency. The government has to create value in the local currency first before they allow a virtual currency to come in.
 
Fidelia said:
Our own problem is not crypto but our domestic currency. The government has to create value in the local currency first before they allow a virtual currency to come in.
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Remember that many young people depend on cryptocurrency for survival. In fact, cryptocurrency provides employment for teeming Nigeria youths. Without cryptocurrency, the level of starvation and criminality would have doubled.
 
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