Apple Removes Major Crypto Exchange Apps From Indian App Store Apple Removes Major Crypto Exchange Apps From Indian App Store

Table of Contents

• Strict Crackdown on Crypto Activities Widens
• Government Crypto Crackdown Widens

Strict Crackdown on Crypto Activities Widens

Apple’s App Store in India has recently removed several major cryptocurrency exchange applications, including Binance, Kraken, Mexc, and Kucoin. The removals occurred within two weeks of the exchanges being labeled as “illegally” operating in the country by the Financial Intelligence Unit of India.

The FIU issued show cause notices to nine crypto firms for non-compliance with India’s anti-money laundering laws. While applications of exchanges like Binance and Kraken were removed, Bitstamp – another exchange flagged by the FIU – remains available on the App store. The affected exchange apps are still present on Google Play Store and their websites remain accessible in India.

Apple has yet to provide an immediate response regarding the removal of these cryptocurrency exchange applications from the Indian App Store.

Government Crypto Crackdown Widens

In 2021, the Indian government introduced taxes on virtual currencies, including a 30% tax on gains and a 1% tax deducted from each transaction. Many Indian traders have shifted to global platforms to avoid these taxes, resulting in decreased trading volumes for local exchanges like WazirX.

While Indian crypto exchanges enforce strict know-your-customer (KYC) procedures, some global platforms do not, leading to concerns about potential shifts of users to decentralized exchanges. In response, CoinDCX – India’s largest crypto exchange – is offering rewards to users who transfer their assets from global to its India-based platform, dedicating $1 million for this incentive program.

This incident is part of a broader crackdown by the Indian government on cryptocurrency activities.

Sources: Apple App Store

The post Apple Removes Major Crypto Exchange Apps From Indian App Store

Apple Removes Major Crypto Exchange Apps From Indian App Store appeared first on Althalla.