Key Takeaways
Apple’s App Store in India has blocked access to several major cryptocurrency exchanges following a noncompliance notice from the Indian Financial Intelligence Unit.
The blocked crypto exchanges remain accessible through Google’s Play Store and web browsers.
The Indian government’s actions reflect a broader push for cryptocurrency regulation, highlighted by recent tax measures and calls for global regulatory collaboration.
Apple’s App Store in India has restricted access to several major cryptocurrency exchange apps, including Binance, KuCoin, Bitget, Huobi, OKX, Gate.io, and MEXC.
This development follows closely on the heels of a noncompliance notice issued by the Indian Ministry of Finance’s Financial Intelligence Unit (FIU) to nearly a dozen offshore crypto exchanges in late December 2023.
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The FIU’s notice identified a breach of regulatory compliance, stating that crypto exchanges serving Indian users must register as a “reporting entity” and adhere to income tax filing requirements. The FIU also recommended blocking the websites of these crypto exchanges for failing to comply.
Despite the App Store’s move to block these apps, they remain accessible through Google’s Play Store and their respective web versions. The discrepancy in policy enforcement between different platforms raises questions about the consistency and impact of such regulatory actions.
Following the news, Binance’s Asia-focused X account acknowledged the app blockage in India but reassured existing users that this development would not affect their access and services.
This clampdown comes in the wake of India imposing stringent taxes on cryptocurrency transactions, including a 30% tax on crypto and a 1% tax deduction at source for each trade. These measures have led to a significant decrease in trading volumes on Indian exchanges and a migration of users towards foreign platforms.
The App Store’s decision thus appears to be a move to curtail the use of these offshore exchanges by Indian users.
Apple’s App Store in India has taken a significant step by blocking key cryptocurrency exchange apps following government directives, highlighting the evolving landscape of cryptocurrency regulation in India.
Gile is a Market Sentiment Analyst who understands what public events may form what emotions. Her experience researching Web3 news and public market messages – including cryptocurrency news reports, PRs, and social network streams – is critical to her role in helping lead the Crypto News Editorial Team.
As an intelligent professional in public relations, together with the team, she aims to determine real VS fake news patterns, and bring her findings to anyone searching for unbiased news and events happening in the FinTech markets. Her expertise is uncovering the latest trustworthy & informative Web3 announcements to the masses.
When she’s not researching the trustworthiness of mainstream stories, she spends time enjoying her terrace view and taking meticulous care of her outdoor environment.
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