The majority of Indian crypto traders are using Virtual Private Network (VPN) to bypass crypto exchanges’ URL access restrictions.
As we know, a few days ago, Indian government agencies restricted access to nearly a dozen crypto exchanges, including the Binance exchange. Apple India, and the Google Play Store removed these exchanges app for Indian users.
The top banned exchanges in India are Binance, Kucoin, Houbi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex. These are those crypto platforms which failed to register with FIU.
The majority of the Indian crypto traders are failing to access these platforms & this is a problem for them because they are not only in panic but also can’t shift their whole funds & trade activities on Indian crypto platforms because there is 1% TDS a system (advance crypto tax) & that is not a friendly system for daily crypto traders.
The majority of crypto traders are forcefully trying to use these restricted crypto exchanges via VPN apps. Which is not an ethical activity.
Binance crypto exchange
Binance crypto exchange team continuously guides Indian crypto traders to not use VPN service to access Binance services because Binance system may consider login activity suspicious.
According to many local media reports, India’s action against such crypto exchanges shouldn’t be considered a shocking decision because these exchanges were not following all the rules that Indian exchanges follow.
The majority of the crypto traders were investing in cryptocurrencies via foreign crypto platforms & in that situation it was very tough for the local crypto companies to survive.
Over the last few weeks, the financial situation for the Indian crypto exchanges has become very good because a very big fraction of crypto traders shifted back to Indian platforms.
Now it will be interesting to see how the Binance & other crypto exchanges will handle this matter, whether they will quit the Indian crypto sector or will shift to another plan under compliance, as India is a very big market for cryptocurrencies.
Read also: $147 Billion worth of XRP transactions to crypto exchanges (Partial Payments Attack)
