Apple’s App Store in India has blocked access to Binance, KuCoin, Bitget, Huobi, OKX, Gate.io, and MEXC crypto exchange apps following a notice from the Indian Ministry.
Key Takeaways
- Apple’s App Store in India blocks Binance, KuCoin, and eight other crypto exchanges following an FIU notice on noncompliance with Indian regulations.
- The FIU had issued a notice to several offshore exchanges, including Binance, Huobi, and Kraken, for operating illegally in India and recommended blocking their websites for noncompliance.
- Despite the App Store restrictions, the mentioned exchanges are still accessible on Google’s Play Store and web versions.
- The Indian government’s recent actions, including the tax regime on crypto transactions, have led to a decline in trading volumes on domestic exchanges, prompting users to turn to foreign exchanges.
App Store Blocks Crypto Exchanges
Apple’s App Store in India has taken measures to block access to popular crypto exchange apps, including Binance, KuCoin, Bitget, Huobi, OKX, Gate.io, and MEXC.
Apple India blocks Binance, 9 other crypto exchanges weeks after FIU notice
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Binance, KuCoin and eight other crypto exchange applications were blocked by Apple’s App Store in India weeks after the country’s Ministry of Finance notice against nearly a dozen foreign non-registered pic.twitter.com/5j326wU70n
This decision follows a notice issued by the Financial Intelligence Unit (FIU) of the Indian Ministry of Finance, which raised concerns about nearly a dozen foreign non-registered crypto exchanges operating in the country.
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The FIU notice, issued on December 28, 2023, targeted Binance, Huobi, Kraken, Gate.io, KuCoin, Bitstamp, MEXC Global, Bittrex, and Bitfinex, stating that these exchanges must register as reporting entities and file statements with the income tax department to comply with Indian regulations.
Impact on Crypto Trading in India
The recent actions by the Indian government, including imposing a 30% tax on crypto transactions and a 1% tax deduction at source for each crypto trade, have contributed to a significant decline in trading volumes on domestic crypto exchanges. In response, Indian users had turned to foreign crypto exchanges to circumvent the stringent tax regime.
With the latest move by Apple’s App Store, Indian users face restrictions in accessing these offshore platforms, marking a significant development in the evolving regulatory landscape for cryptocurrencies in the country.
To Conclude
The FIU had issued a noncompliance notice against nearly a dozen offshore crypto exchanges, stating that these platforms must register as reporting entities and file statements with the income tax department to operate in India. The move comes amid a broader regulatory landscape, including a 30% tax on crypto and a 1% tax deduction for every crypto trade in India.
