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Apple removes major crypto exchanges in India from its App Store; here’s why

Apple removes major crypto exchanges in India from its App Store

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TL;DR

  • Apple has removed several major offshore cryptocurrency exchanges, including Binance and KuCoin, from its App Store in India following government compliance notices.
  • The Indian Financial Intelligence Unit issued notices under the Prevention of Money Laundering Act to nine exchanges, leading to regulatory actions including URL blocking.
  • Despite removal from Apple’s India store, these cryptocurrency exchange apps remain available on Google PlayStore, indicating varied tech giant responses to Indian regulatory measures.

Apple has withdrawn several prominent offshore cryptocurrency exchanges from its App Store in India. This decision follows the Indian government’s recent compliance notices to nine cryptocurrency entities. Among the removed apps are well-known platforms such as Binance, KuCoin, and OKX.

India’s regulatory crackdown on cryptocurrency

The move follows show-cause notices on December 28, when the Financial Intelligence Unit (FIU) of India, operating under the Finance Ministry, issued compliance under the Prevention of Money Laundering Act (PMLA). The show-cause notice alleged illegal operations of these exchanges in India due to non-registration and non-compliance with local tax rules.

This action targeted nine exchanges, including Binance, KuCoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex.

Notably, OKX faced removal despite not receiving a direct show-cause notice from the authorities.

The Indian government has also initiated steps to block the URLs of these exchanges, which are purportedly operating without full legal compliance. This process, however, is complex and ongoing, leaving the URLs currently accessible within India. Sources familiar with the matter indicate that the government might await responses from these entities before proceeding with further actions.

Despite Apple removing these apps from its India store, they remain available on the Google PlayStore, suggesting a varied response from these tech giants to the regulatory measures.

Nonetheless, it remains to be seen if Google PlayStore will follow Apple’s steps in shutting down these exchanges.

Tax invasion concerns in India and impact on trading platforms

This incident highlights the regulatory landscape for cryptocurrencies in India, which has seen a surge in popularity but also faces significant scrutiny from authorities. The country took a firm stance in addressing concerns related to tax evasion because many Indian traders moved to popular cryptocurrency trading platforms.

It is essential to note that the country imposed taxes on virtual currencies last year.

Moreover, India-based crypto exchanges with strict KYC verifications, such as CoinDCX, Kuber, WazirX, and CoinSwitch, continue to operate in the country, These exchanges saw a surge in deposits after FIU actions, Cryptopolitan reported earlier.

Apple’s removal of these cryptocurrency exchange apps from its India App Store marks a pivotal moment in the ongoing discourse between digital currency platforms and regulatory bodies.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Damilola Lawrence

Damilola is a crypto enthusiast, content writer, and journalist. When he is not writing, he spends most of his time reading and keeping tabs on exciting projects in the blockchain space. He also studies the ramifications of Web3 and blockchain development to have a stake in the future economy.

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