Apple Removes Binance and Others from Indian App Store
Last month, the Financial Intelligence Unit (FIU) in India notified nine crypto companies, including Binance and Kraken, of their non-compliant operations. The FIU requested the Indian IT Ministry to restrict the websites of these services. As a result, Apple has removed the apps of these exchanges from its App Store. Other affected apps include Bitfinex, Huobi, Gate.io, Bittrex, MEXC, KuCoin, and OKX. While the apps are still available in India on the Google Play Store, there is no deadline for their removal. Existing users can still access them, but new users will not have access.
The FIU requires these crypto exchanges to register as reporting entities” and submit statements to the income tax department.
Ashish Singhal, co-founder and CEO of CoinSwitch, encouraged offshore exchanges to comply with the FIU’s demands as local platforms have done so. He believes compliance is better for consumer protection and will lead to greater regulatory oversight.
India’s Tax on Crypto Income Hinders the Industry
Many Indian traders have shifted to foreign crypto platforms to avoid paying taxes since India started taxing virtual currencies last year. Gains are subject to a 30% tax and each cryptocurrency transaction is subject to a 1% deduction. Additionally, Indian-based exchanges demand stringent know-your-customer verifications before onboarding new users.
CoinDCX, a local Indian exchange, is taking steps to regain market share. They announced that they would offer rewards to Indian traders who switch from foreign exchanges to Indian platforms.
Hot Take: Apple Removes Crypto Exchanges from Indian App Store
Apple has removed the apps of at least nine cryptocurrency exchanges, including Binance and Kraken, from its App Store in India. This action follows the non-compliance notice issued by the FIU to these exchanges. While the apps are still available on the Google Play Store, new users will not have access. Compliance with the FIU’s demands, such as registering as reporting entities and submitting statements to the income tax department, is encouraged by industry insiders like Ashish Singhal. The taxation of crypto income in India has led many traders to shift to foreign platforms. However, local exchanges like CoinDCX are working to attract traders back.
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