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The mobile applications of several global cryptocurrency exchanges, including Binance, Kraken, Mexc, and Kucoin, have disappeared from Apple’s App Store in India.
This move comes within two weeks of these exchanges being flagged for operating “illegally” in the country.
As reported earlier, the Financial Intelligence Unit (FIU), an Indian government agency responsible for scrutinizing financial transactions, had issued show cause notices to nine crypto firms, alleging non-compliance with India’s anti-money laundering rules.
India’s Crackdown on Global Exchanges
The FIU urged India’s IT Ministry to block the websites of all nine crypto services in the country. The affected exchanges also include Huobi, Gate.io, Bittrex, and Bitfinex.
However, Bitstamp, another exchange named by the FIU, remains operational on the App Store in India. The apps of the affected exchanges are still available on the Google Play Store, and their websites remain accessible in the country. Apple has not provided an immediate response to inquiries regarding this matter.
The government of India imposed taxes on virtual currencies last year, including a 30% tax on gains and a 1% deduction on each crypto transaction. Many Indian traders have reportedly migrated to global cryptocurrency platforms to potentially evade taxes, leading to a significant drop in trading volume for India-based exchanges like WazirX.
While Indian crypto exchanges like CoinSwitch Kuber, CoinDCX, and WazirX have adhered to rigorous know-your-customer verifications, several global platforms have not implemented similar measures. The shift of traders to non-compliant services prompted Indian exchanges to caution the government about potential consequences, including users turning to decentralized exchanges.
In response, India’s largest crypto exchange, CoinDCX announced that it would provide rewards to customers transferring their crypto assets from global exchanges to its India-based platform. The exchange has set aside $1 million for the same.
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