India has imposed highest taxation on cryptocurrencies and has restricted it to be used as a legal tender.
While we can say that crypto trading is now legal in India, the high taxation is still a burden for many.
The Indian crypto community is very big as many big investors are investing in crypto.
So the support towards crypto from India is massive but at the same time the Indians have to fight this war against the government towards better crypto regulations.
Q2) Are all these exchanges involved in Money Laundering or some kind of illicit Activities
Most of the exchanges are involved in money laundering. Not only exchanges but many famous people and celebs are also involved in money laundering.
So that's something that nobody can do anything about. This is why they say not to hold your funds on exchanges at first place.
Holding crypto in a non-custodial wallet or a hardware wallet is the way to go.
If you are so bothered about that then stop using leveraged trading at first place. This is how exchanges operate and it's normal.
Once our funds are liquidated it becomes the exchanges' property. There's nothing we can do about it.
Q4) Does these exchanges working without any license or legal approvals
I think they must be having a license to run an exchange because without a license and approval it's very hard to keep the exchange running.
The authorities would have banned the exchange long ago if it wouldn't have a valid license.
Q5) Are other existing exchanges fall under the same category
Most Indian exchanges are having valid licenses and are operating from India but because of the strict regulations they are planning to shift outside India.
Q6) Is it the time for people to switch to peer to peer
Yes, peer to peer is the best thing probably but the major hassle is to make sure the peer is a genuine person.
People get into trouble if the source of money being sent or received is from an illegal source.