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Apple has taken action by removing offshore Crypto exchanges like Binance, Kucoin, and OKX from its App Store.
Apple Removes Binance: A wave of uncertainty has swept over the Indian cryptocurrency market as Apple abruptly removed apps for leading exchanges like Binance, KuCoin, and OKX from its Indian App Store. This move comes after the finance ministry issued a show-cause notice to nine virtual digital asset service providers for failing to comply with the country’s anti-money laundering laws.
Fueled by concerns over tax evasion and potential money laundering, the Indian finance ministry flexed its muscles on December 28th. They issued show-cause notices to nine virtual digital asset service providers, accusing them of operating illegally in India. The alleged offenses? Non-registration and non-compliance with local tax rules. These exchanges, encompassing global giants like Binance and established names like Houbi, Kraken, and Bittrex, faced scrutiny for potentially skirting Indian laws.
Apple, notorious for its strict App Store guidelines, wasted no time in responding to the government’s crackdown. In a swift and decisive move, they removed the apps of these targeted exchanges from their Indian platform. This effectively severed access for iOS users in India to buy, sell, or trade cryptocurrencies on these platforms.
While these apps remain available on Google Play Store in India for now, their fate hangs precariously in the balance. Google’s decision regarding their removal will significantly impact the overall accessibility of crypto trading platforms in the country. Will they follow Apple’s lead and prioritize regulatory compliance? Or will they take a more nuanced approach, balancing user access with adherence to government directives?
The government’s crackdown is primarily driven by concerns over widespread tax evasion. Many Indian traders have turned to global exchanges to escape domestic regulations, often operating in less transparent environments that make it difficult for authorities to track transactions and collect taxes. This perceived abuse of the system has prompted the government to take decisive action.
This latest development paints a picture of a rapidly evolving regulatory landscape for cryptocurrencies in India. While a clear policy framework remains absent, the government’s actions signal a heightened focus on bringing the industry under its purview. This could involve stricter regulations, mandatory registration requirements, and enhanced anti-money laundering measures.
The removal of these major crypto apps from the Apple App Store is a defining moment, raising crucial questions about the future of crypto trading in India. Whether this is a temporary blip or a harbinger of stricter regulations to come remains to be seen. Indian crypto enthusiasts will undoubtedly watch Google’s response and the government’s next moves with bated breath.
As for Apple’s stance, the company hasn’t provided immediate comments on the matter. However, these apps are still available on Google’s Play Store. It remains uncertain whether Google will take similar action.
However, if you already have these applications installed on your devices, they will continue to function, for now offering a semblance of continuity amidst this regulatory upheaval. As the situation continues to unfold, the eyes of the global crypto community remain fixated on India’s next moves and the wider ramifications for the industry’s landscape.
We have always advocated for FIU compliances because those are the cornerstone on which the trust of the community can be forged. As a result, CoinDhan is committed to provide a compliant ecosystem for its users so that they are safe, secure, thriving and Benefitting in all possible ways.
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