Google Play and Apple App Store Remove Binance and Other Crypto Exchanges in India
Following Apple’s decision, Google’s Indian Play Store has also removed Binance and several other crypto exchanges from its platform.
Binance, OKX, and Others Removed from App Stores
Both Apple and Google have banned multiple crypto exchanges, including Binance, Kraken, and OKX, from their Indian app stores.
The ban comes after the Indian government flagged these exchanges for operating illegally in the country, with the Financial Intelligence Unit requesting a ban on nine crypto exchanges for failing to comply with regulations.
India Adopts Strict Crypto Guidance
Due to the burdensome tax policies imposed by the Indian government, many Indians have turned to global crypto platforms, leading to a decline in domestic exchanges.
WazirX, a domestic exchange, recorded lower transaction volumes and had to reduce its staff by 40%.
Banking Sector Opposes Crypto
India’s banking sector has been vocal about its concerns regarding crypto. The Governor of the RBI has called for a complete ban, stating that it is a form of gambling that threatens financial stability.
Hot Take: India’s Cryptocurrency Market Faces Challenges
India’s cryptocurrency market is facing challenges due to regulatory actions by Google and Apple, as well as the government’s strict tax policies and opposition from the banking sector.
The ban on crypto exchanges in app stores limits access for Indian users, forcing some to turn to international platforms. This shift has negatively affected domestic exchanges, with WazirX experiencing decreased transaction volumes and staff layoffs.
Moreover, the banking sector’s anti-crypto stance and calls for a complete ban contribute to the uncertain future of cryptocurrencies in India.
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