India bans foreign crypto platforms like Binance, Kucoin. What should investors do now?

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 India bans foreign crypto platforms like Binance, Kucoin. What should investors do now?



Earlier, on December 28 last year, show cause notices were sent to OKX, Binance, Kucoin, Bittrex, Bitstamp, MEXC Global, Houbi, Kraken, gate.io and Bitfinex for operating illegally in India. The notice was issued because these companies failed to comply with registration and local tax rules. As a result, the Finance Ministry directed the Ministry of Information Technology to block their URLs.


On the development, THE Edul Patel, CEO of Mudrex, said, "In response to the FIU’s show cause notices to non-compliant crypto exchanges, we took proactive steps, advising investors to transfer their funds to compliant platforms. We are also providing dedicated support to ensure seamless fund transfers from other exchanges, upholding the highest safety and compliance standards."


According to industry estimates, nearly $5 billion worth of crypto assets are still parked in offshore platforms to circumvent the 1% tax deducted at source applicable on the exchange of virtual digital assets. Nearly 70% of this is held by Binance, people in the know told.


Retail traders have still not shifted their holdings and avoid the tax levy. Only a minuscule sum has flown back to India(BHARAT) People who have already downloaded the apps on their phones can still access their wallets, but withdrawals and UPI transfers will not be possible,” a person close to the development told us about this.

Right now this situation is hard to understand. Because of this may be BITCOIN, Ethereum, will loose some value by 5% to 10%.



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