The Indian government is tightening control over the cryptocurrency sector, forcing major players to leave the country’s market. Recent events demonstrate growing pressure on crypto exchanges from regulators.

OKX’s exit from the Indian market

In March, the cryptocurrency platform OKX announced the cessation of its activities in India. The company asked local traders to withdraw their funds from wallets. This decision was made under pressure from Indian authorities, who are pursuing a strict policy towards the cryptocurrency sector.

Fine for Binance

India’s Financial Intelligence Unit imposed a fine of $2.25 million on the largest bitcoin exchange, Binance. The reason was a violation of Indian anti-money laundering legislation. Despite the fact that Binance underwent the registration procedure in early spring, the company did not provide financial statements in accordance with new standards.

It’s worth noting that Binance faces regulatory problems not only in India. In May of this year, Canada fined the crypto company $4.38 million, also accusing it of violating anti-money laundering legislation. This indicates a global trend of tightening regulation of the cryptocurrency sector.

The tightening of regulations in India could have serious consequences for the global crypto industry. India, as one of the world’s largest economies, represents an important market for cryptocurrency companies. The departure of major players could lead to a slowdown in the development of the crypto sector in the country and affect global trends in the industry.

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