Several Global Cryptocurrency Exchanges’ Apps Removed from Apple Store in India
The mobile applications of various global cryptocurrency exchanges, including Binance, Kraken, Mexc, and Kucoin, have vanished from Apple’s App Store in India. This action comes shortly after these exchanges were flagged for operating “illegally” in the country. The Financial Intelligence Unit (FIU), an Indian government agency responsible for examining financial transactions, had issued show cause notices to nine crypto firms for alleged non-compliance with anti-money laundering rules.
India’s Crackdown on Global Exchanges
The FIU requested India’s IT Ministry to block the websites of all nine crypto services operating in the country, which include Huobi, Gate.io, Bittrex, and Bitfinex. However, Bitstamp remains accessible on the App Store in India. The affected exchanges’ apps are still available on the Google Play Store and their websites can still be accessed in India. Apple has not yet responded to inquiries regarding this matter.
Indian Traders Migrating to Global Platforms
Last year, the Indian government imposed taxes on virtual currencies, leading many Indian traders to move to global cryptocurrency platforms to potentially avoid taxes. This shift resulted in a significant decrease in trading volume for India-based exchanges like WazirX. While Indian exchanges have implemented strict know-your-customer verifications, several global platforms have not adopted similar measures. This prompted Indian exchanges to warn the government about potential consequences, including users turning to decentralized exchanges.
CoinDCX Offers Rewards for Transferring Crypto Assets
In response to the situation, CoinDCX, India’s largest crypto exchange, announced that it would reward customers who transfer their crypto assets from global exchanges to its India-based platform. The exchange has allocated $1 million for this initiative.
Hot Take: Apple Store Removes Binance and Other Global Exchanges’ Apps in India Amid Wider Crackdown
The mobile applications of several global cryptocurrency exchanges, including Binance, Kraken, Mexc, and Kucoin, have been removed from Apple’s App Store in India. This comes after these exchanges were flagged for operating “illegally” in the country. While the affected apps are still available on the Google Play Store and their websites can still be accessed in India, this move by Apple indicates a crackdown on global exchanges. Indian traders have been migrating to these platforms to potentially evade taxes, causing a decline in trading volume for India-based exchanges. CoinDCX has responded by offering rewards to customers who transfer their crypto assets to its India-based platform.
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