The Indian government refuses to lift the block on any Internet resources of the world's largest crypto exchange, Binance. Authorities require that the trading platform comply with the Prevention of Money Laundering Act.
The exchange is negotiating with the authorities, is ready to pay taxes, asks to remove blocking from sites and give time to adapt to the laws. But officials refuse to make concessions.
The Indian government is currently negotiating with banks to develop restrictive measures against market participants using virtual private networks to bypass the blocking of Binance Internet resources.
The Cabinet of Ministers insists that compliance with the legislation on preventing money laundering is mandatory for all companies without exception, including crypto exchanges.
Earlier, the Reserve Bank of India (RBI) advised local investors that they should not expect a change in the agency's position on regulating cryptocurrencies.