In a recent development, the mobile applications of several cryptocurrency exchanges, including major platforms like Binance, Kraken, Mexc, and Kucoin, have disappeared from Apple’s App Store in India. This move comes less than two weeks after these exchanges were identified for allegedly operating “illegally” in the country.

Cryptocurrency Exchange Binance Faces App Removal from Apple Store

The Financial Intelligence Unit (FIU), an Indian government agency responsible for scrutinizing financial transactions, issued show-cause notices to nine crypto firms last month. The notices claimed that these platforms were not compliant with India’s anti-money laundering rules. Subsequently, the FIU requested India’s IT Ministry to block the websites of all nine services within the country.

The affected exchanges also include Huobi, Gate.io, Bittrex, and Bitfinex. Notably, Bitstamp, another exchange flagged by the FIU, remains operational on the App Store in India, reports TechCrunch.

While these cryptocurrency exchange apps have been removed from Apple’s App Store, they are still available on the Google Play Store in India, and their websites remain accessible within the country. The situation highlights the ongoing regulatory scrutiny faced by cryptocurrency platforms in India and the potential impact on their mobile app availability.

Indian Traders Seek Global Crypto Platforms

In recent quarters, a notable trend has emerged among Indian traders who are increasingly shifting to global cryptocurrency platforms, potentially in a bid to navigate the tax implications imposed by the Indian government. This move follows India’s introduction of taxes on virtual currencies last year, encompassing a 30% tax on gains and a 1% deduction on each cryptocurrency transaction.

While domestic crypto exchanges like a16z-backed CoinSwitch Kuber, B Capital-backed CoinDCX, and the former Binance-affiliated WazirX maintain stringent know-your-customer (KYC) verifications for new user onboarding, the same level of scrutiny does not necessarily apply to many global platforms.

Crypto exchange CoinDCX has, however, denied fraud allegations. To bolster trust among investors, CoinDCX has also put aside $1 million to help with asset transfers.

This shift is evident in the trading landscape, with WazirX experiencing a significant 97% drop in trading volume over two years, partly attributed to a substantial number of traders migrating to global applications. The evolving tax regulations and the quest for more user-friendly platforms have prompted Indian traders to explore alternatives beyond the boundaries of domestic exchanges.

The post Apps of Top Crypto Exchanges Like Binance Disappear on Apple App Store In India appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am