Apple Removes Crypto Exchanges from App Store in India
Apple has removed several cryptocurrency exchanges from its app store in India due to allegations of illegal operations in the country. Binance, Kraken, Huobi, Gate.io, Bittrex, Bitfinex, and OKX’s apps are no longer accessible on Apple’s India app store. However, users who have already installed these apps can still use them.
Violation of Money Laundering Act
The action was taken following accusations by India’s Financial Intelligence Unit (FIU) that these exchanges violated the Prevention of Money Laundering Act 2002 (PMLA). The agency has also requested the Ministry of Electronics and Information Technology to block the websites of these platforms.
All Virtual Digital Asset Service Providers (VDA SPs) operating in India are required to register with the FIU. However, several offshore firms failed to comply with this requirement.
Google Play Store and Website Availability
The affected apps are still available on the Google Play Store in India, and their websites can still be accessed within the country.
Hot Take: Apple Cracks Down on Crypto Exchanges in India
Apple’s decision to remove several crypto exchanges from its app store in India reflects a crackdown on illegal operations in the country. The move comes after allegations that these platforms violated anti-money laundering regulations. By taking this action, Apple is sending a clear message about its commitment to compliance and consumer protection. While users who have already downloaded the apps can still access them, it remains to be seen how this development will impact the availability and use of cryptocurrency exchanges in India.
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