Indian Cryptocurrency Exchanges Panic as Binance Gets Blocked
Date: 2024-01-01 Author: Dima Zakharov Categories: CRYPTO PAYMENTS
The recent blocking of Binance's website address has sent shockwaves through the Indian cryptocurrency community. On December 28, the Financial Intelligence Group of the Indian Ministry of Finance blacklisted the URLs of nine offshore cryptocurrency exchanges, including Binance. This move comes as a result of these exchanges violating anti-money laundering regulations.
Indian cryptocurrency exchanges rely heavily on Binance's order book. If Binance's API is blocked, it will adversely affect the operations of Indian exchanges. Many Indian exchanges are closely tied to Binance and rely on its liquidity. Well-known YouTuber Pushpendra Singh noted the potential impact of this situation on Indian exchanges.
If Binance's Application Programming Interface (API) becomes inaccessible, similar to the website itself, Indian cryptocurrency exchanges will face disruptions. During emergency meetings, it is likely that exchange employees discussed ways to bypass potential Binance tool blocks or transition to the API of another organization not blacklisted by the government. The situation remains tense as Indian cryptocurrency exchanges search for solutions to mitigate the impact of this unexpected development.
