Binance, KuCoin, and Other Crypto Apps Removed From Apple App Store After Indian Government Order

# Binance, KuCoin, and Other Crypto Apps Removed From Apple App Store After Indian Government Order

Apple has taken down several cryptocurrency apps from its App Store in India following an order from the Government of India. This includes major international exchanges such as Binance, KuCoin, Kraken, and OKX, as they were found to violate India’s anti-money laundering laws. The decision comes after the Indian government had issued notices to these organizations to comply with local laws, particularly regarding strict KYC verification of customers engaging in crypto exchanges. The removal of these apps also involved intervention from the Financial Intelligence Unit of India, underscoring the seriousness of the situation.

Cryptocurrencies currently exist in a legal gray area in India, with the Reserve Bank of India attempting to seek a ban on cryptocurrency. However, the Supreme Court instead imposed a 1% TDS on each crypto transaction and a 30% TDS on profits made through crypto trading to prevent the misuse of virtual currency in the country.

Crypto exchanges were also instructed to maintain proper KYC records of each user to operate legally in India. While some of the notable exchanges such as CoinDCX, CoinSwitch, and WazirX adhere to all Indian laws and remain functional in the country, decentralized exchanges continue to allow users to trade crypto without stringent identification requirements.

A major concern cited is the risk of money laundering associated with the transfer of digital assets without proper verifications, prompting the Financial Intelligence Unit of India to request the restriction of services of non-compliant crypto apps within the country.

Apple quickly responded to the government orders by removing the mentioned apps from its App Store. It’s possible that these apps may also be removed from the Google Play Store in the near future. While the websites of these crypto exchanges continue to function, the Finance Ministry of India has emphasized that platforms involved in trading crypto, fiat currencies, and other virtual assets must register with FIU-IND and comply with the Prevention of Money Laundering Act (PMLA) 2002. Violation of these laws and regulations may result in a complete ban on a platform from the country.

As of now, Binance and other affected crypto exchanges have yet to respond to the situation.

➤ FAQ

✔️ What crypto apps were removed from the Apple App Store in India?
Several cryptocurrency apps, including Binance, KuCoin, Kraken, and OKX, were removed from the Apple App Store in India.

✔️ Which Indian laws did these apps violate?
The apps were found to violate India’s anti-money laundering laws and were instructed to adhere to strict KYC verification requirements for customers engaging in crypto exchanges in the country.

✔️ Are cryptocurrencies legal in India?
Cryptocurrencies currently exist in a legal gray area in India, with the Reserve Bank of India attempting to seek a ban on cryptocurrency. However, the Supreme Court imposed certain taxation measures to regulate crypto transactions and trading in the country.

➤ Conclusion
The removal of cryptocurrency apps from the Apple App Store in India reflects the growing regulatory scrutiny of digital assets in the country. As the government emphasizes compliance with anti-money laundering laws and KYC requirements, the crypto industry is facing increasing pressure to adhere to strict regulations. This swift action also highlights the significance of international tech companies in complying with government regulations in various regions.

This development underscores the need for crypto exchanges to proactively engage with regulatory authorities and ensure compliance with local laws to avoid potential restrictions or bans on their services. The future of cryptocurrencies in India and their regulation remains an area of keen interest and scrutiny for stakeholders within the industry and beyond.

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