Apple Inc. has removed several major offshore crypto exchanges namely Binance, KuCoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex from its App Store in India.
According to CoinDesk, this action follows closely on the heels of compliance notices issued to these entities by India’s Financial Intelligence Unit (FIU).
Notably, OKX, another offshore cryptocurrency exchange, was also removed from Apple’s India App Store, despite not receiving a compliance notice.
The FIU, operating under the Indian Finance Ministry, issued these notices on 28 December as part of enforcement under the Prevention of Money Laundering Act (PMLA).
In addition to these notices, the Indian government initiated steps to block the URLs of these entities for operating illegally without compliance.
The process to block the URLs is, however, intricate and requires extensive paperwork. As of now, it is still in progress, which explains why these exchange websites remain accessible in India.
A source familiar with the situation mentioned to CoinDesk that the Indian government might be awaiting responses to the notices before proceeding with further actions.
However, these apps continue to be available on the Google PlayStore. For current users of the app, there will be no immediate impact.
The Reserve Bank of India (RBI) had earlier made moves to impose a ban on cryptocurrencies but this decision was subsequently reversed by the Supreme Court.
The Indian government had imposed a flat 30% tax on all crypto income last year as well as introduced a 1% tax deducted at source (TDS) on crypto transactions exceeding 10,000 Indian rupees (approximately US$120).
Featured image credit: Edited from Freepik
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- Source: https://fintechnews.sg/83281/fintech-india/apple-removes-several-offshore-crypto-exchanges-from-india-app-store/
