Several popular cryptocurrency exchange apps, including Binance, Kraken, and KuCoin, have vanished from the Apple App Store in India. This development follows a recent crackdown on crypto exchanges operating “illegally” in the country. The Financial Intelligence Unit (FIU), a government agency responsible for monitoring financial transactions, issued show cause notices to nine crypto firms, alleging non-compliance with India’s anti-money laundering regulations.
Key Takeaway
Several cryptocurrency exchange apps, including Binance, Kraken, and KuCoin, have been removed from the Apple App Store in India following regulatory action by the Financial Intelligence Unit. This move has prompted Indian traders to explore global platforms amid concerns about taxation and compliance.
Apps Removed and Regulatory Action
The affected apps from Binance, Kraken, Mexc, and KuCoin, among others, have been removed from the Apple App Store in India. The FIU had urged India’s IT Ministry to block the websites of these exchanges in the country. While the apps are no longer available on the Apple App Store, they remain accessible on the Google Play Store in India, and their websites are still operational.
Impact on Indian Traders
Many Indian traders have turned to global cryptocurrency platforms to potentially avoid taxes, as India began taxing virtual currencies last year. The taxation policy includes a 30% tax on gains and a 1% deduction on each crypto transaction. This move has led to a significant drop in trading volume on India-based platforms, with traders shifting to global apps.
Response from Indian Exchanges
India-based crypto exchanges such as CoinSwitch Kuber, CoinDCX, and WazirX have emphasized the need for stringent know-your-customer verifications for new users. They have raised concerns that the new taxation policy could drive users towards decentralized exchanges or non-compliant services.
