Apple and Google have removed several major crypto exchanges, including Binance and Kraken, from their app stores in India. The action follows the Indian Financial Intelligence Unit's (FIU IND) flagging of nine crypto service providers as operating illegally in the country. The FIU IND issued compliance show cause notices to offshore crypto firms, stating that all crypto service providers operating in India must register and comply with the Prevention of Money Laundering Act 2002.
Tech giants Apple and Google have removed several major crypto exchanges, including Binance and Kraken, from their app stores in India following regulatory actions by the Financial Intelligence Unit India (FIU IND). The crackdown on offshore crypto exchanges has led to the blocking of websites belonging to affected crypto exchanges by various telecom networks and internet service providers in India.
Key Points:
Regulatory Crackdown in India: The FIU IND flagged nine crypto service providers, including Binance, Kucoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex, for operating illegally in India. The regulatory action is part of an ongoing crackdown on non-compliant crypto platforms in the country.
Compliance Show Cause Notices: The FIU IND issued "compliance show cause notices" to the nine offshore crypto firms in December last year. It emphasized that all crypto service providers operating in India are required to register with the FIU IND as reporting entities and adhere to the rules outlined in the Prevention of Money Laundering Act 2002.
Apple and Google Take Action: Apple removed crypto exchange apps from its App Store a few days earlier, and Google followed suit by removing major crypto exchanges, including Binance and Kraken, from the Google Play Store in India. The removal extends to other players in the web3 industry as well.
Website Blockage: In addition to app removals, various telecom networks and internet service providers in India have started blocking the websites of affected crypto exchanges. This broader measure aims to restrict access to crypto platforms flagged by the regulatory authorities.
User Impact: Users attempting to access the Indian iOS app store or the websites of affected crypto exchanges from India are impacted by the regulatory actions. Existing users who already have the Binance app, for example, are reportedly not affected by the IP block.
The regulatory actions in India reflect an ongoing effort to enforce compliance and prevent the operation of crypto platforms that do not adhere to the country's regulatory framework. The move by Apple and Google to remove associated apps aligns with the regulatory crackdown on non-compliant crypto service providers in India.
(Kevin Helms, Bitcoin News, 2024)