Apple and Google Remove Nine Crypto Exchanges from App Stores in India
The Financial Intelligence Unit India flagged nine crypto service providers for illegal operations in the country, forcing Apple and Google to remove several major crypto exchanges from their app stores in India. Telecom operators and internet service providers in India are also blocking the websites of the flagged crypto exchanges.
Regulatory Crackdown on Non-Compliant Crypto Platforms in India
The regulatory crackdown on non-compliant crypto platforms in India has forced tech giants Google and Apple to take action against several major crypto exchange apps in India. The Financial Intelligence Unit India (FIU IND) initiated the crackdown on offshore crypto exchanges after serving them notices in December.
Google removed major crypto exchanges like Binance and Kraken from the Google Play Store in India on Saturday, while Apple removed crypto exchange apps from its App Store a few days earlier. Telecom operators and internet service providers in India have also started blocking the websites of flagged crypto exchanges.
The Financial Intelligence Unit of India issued “compliance show cause notices” to nine offshore crypto firms in December. The government explained that all crypto service providers operating in India are required to register with the FIU IND as a reporting entity and comply with the rules set forth by the Prevention of Money Laundering Act, 2002.
Binance, Kucoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex are the nine crypto exchanges that received a notice from the FIU IND.
Binance Customer Support Acknowledges App Removal
Commenting on the app removal policy by Apple and Google, Binance Customer Support posted on X:
"We are aware of an IP block affecting several crypto firms, including Binance. This only impacts users who attempt to access the Indian iOS app store or the Binance website from India. Existing users having the Binance app will not be affected."
“The ongoing situation is not unique to Binance and impacts other Web3 industry players as well. We are working hard to inform constructive policy-making that seeks to benefit every user and all market participants. All user funds are safe,” Binance Customer Support explained.
What is your take on Apple and Google removing crypto exchange apps flagged by the FIU from their app stores? Please share your thoughts and opinions in the comments section below.
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