Apple Removes Crypto Exchange Apps in India
Apple has taken down the apps of nine major cryptocurrency exchanges, including Binance and Kraken, from its App Store in India. This action was in response to warnings from the Financial Intelligence Unit-India (FIU-IND) regarding alleged non-compliance with anti-money laundering regulations.
Government Raises Concerns
Last month, the FIU-IND expressed doubts about the legality of these exchanges’ operations in India. Show cause notices were sent to the exchanges, accusing them of failing to register and follow local tax regulations.
Swift Response from Apple
Apple swiftly removed the apps of these exchanges from its App Store in India as a response to the regulatory warnings. While new users can no longer download the apps, existing Indian users can still access and use them on their iPhones. The apps are still available on the Google Play Store, but there are speculations that Google may follow suit and remove them as well.
Regulatory Scrutiny for Offshore Exchanges
The issue of offshore exchanges operating without registration in India came to light in early December. The finance ministry released a list of registered crypto platforms, and show-cause notices were issued to major offshore platforms, including Binance and Kraken.
Indian Traders Turn to Global Platforms
Due to increased regulations, many Indian traders have started using global cryptocurrency platforms, potentially to avoid taxes. India implemented cryptocurrency taxation in 2020, while global platforms have not enforced the same standards for know-your-customer verifications.
Hot Take: Apple’s App Store Actions Reflect Regulatory Challenges
Apple’s decision to remove crypto exchange apps from its App Store in India, along with the country’s heavy taxation regime, highlights the growing scrutiny and regulatory obstacles faced by the cryptocurrency industry in India.
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