Binance's downfall in India

Binance, the world's largest cryptocurrency exchange, has been in trouble due to noncompliance with Indian government regulations. Indias Financial Intelligence Unit (FIU) issued a notice to nine trading platforms, including Binance, for illegally operating in India, without proper compliance with the anti-money laundering laws in the country. Binance is not accessible on the Google Play Store in India.

The FIU had asked the Ministry of Electronics and Information Technology (MeitY) in India to restrict the URLs of nine cryptocurrency exchanges, including Binance, Kucoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfenex.

While Binance is in decline, local cryptocurrency players like Wazirx and Meutrx are doing well in the Indian market. Mudrex CEO Edul Patel told Bloomberg that over 30,000 customers have registered on the cryptocurrency trading platform since December 28, after the Indian government's crackdown against Binance.

Binance's former CEO, Changpeng Zhao, stepped down in November of last year, and Richard Teng took over as CEO. Zhao wrote on Twitter, “Today, I stepped down as CEO of Binance. Admittedly, it was not easy to let go emotionally. But I know it is the right thing to do. I made mistakes, and I must take responsibility. This is best for our community, for Binance, and for myself … I cant see myself being a CEO driving a startup again.”

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