Apple and Google Remove Several Major Crypto Exchanges From App Stores in India Following Regulatory Crackdown

Apple and Google have eliminated a number of main crypto exchanges from their app shops in India after the Indian Financial Intelligence Unit flagged 9 crypto service suppliers as working illegally within the nation. Various telecom networks and web service suppliers in India are additionally blocking the web sites of affected crypto exchanges.

India Continues Crackdown on Uncompliant Crypto Platforms

Tech giants Google and Apple have taken motion in opposition to a number of main crypto trade apps in India following the crackdown on offshore crypto exchanges by Financial Intelligence Unit India (FIU IND).

On Saturday, Google eliminated main crypto exchanges like Binance and Kraken from Google Play Store in India whereas Apple pulled crypto trade apps from its App Store a number of days earlier. In addition, varied telecom networks and web service suppliers in India have additionally began blocking the web sites of affected crypto exchanges.

In December final 12 months, India’s Financial Intelligence Unit issued “compliance show cause notices” to 9 offshore crypto corporations. The authorities defined that each one crypto service suppliers working in India are required to register with the FIU IND as a reporting entity and adjust to the principles set forth by the Prevention of Money Laundering Act 2002. The Ministry of Finance acknowledged on the time that 31 crypto service suppliers have registered with the FIU IND.

The 9 crypto corporations that obtained a discover from the FIU IND are Binance, Kucoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex.

Commenting on Apple eradicating its app, earlier than Google applied an analogous coverage, Binance Customer Support detailed on X Friday:

We are conscious of an IP block affecting quite a few crypto corporations, together with Binance. This solely impacts customers who try and entry the Indian iOS app retailer or the Binance web site from India. Existing customers who have already got the Binance app should not affected.

“The ongoing state of affairs will not be distinctive to Binance and impacts different web3 trade gamers as properly. We are working laborious to tell constructive policy-making that seeks to profit each consumer and all market members. All consumer funds are secure,” Binance Customer Support famous.

What do you consider Apple and Google eradicating crypto trade apps flagged by the FIU from their app shops? Let us know within the feedback part beneath.