Apple App Store blocks major cryptocurrency exchange in India
Key Takeaways
- Apple App Store in India has blocked access to several major cryptocurrency exchanges following a non-compliance notice from the Indian Financial Intelligence Unit.
- Blocked cryptocurrency exchanges can still be accessed through the Google Play Store and web browser.
- The Indian government’s move reflects a broader push for cryptocurrency regulation, highlighted by recent tax measures and calls for global regulatory cooperation.
The Apple App Store in India has restricted access to several major cryptocurrency exchange apps.Includes Binance, KuCoin, Bitget, Huobi, OKX, Gate.io, and MEXC.
These developments are closely related to: Non-compliance notice issued by the Financial Intelligence Unit (FIU) of the Ministry of Finance, India. It was listed on about 12 overseas cryptocurrency exchanges at the end of December 2023.
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FIU’s notification has been confirmed Compliance ViolationStated as a cryptocurrency exchange providing services to Indian users You must register as a “Reporting Entity”. and Comply with income tax reporting requirements. FIU too Blocking the website is recommended It is one of the cryptocurrency exchanges that failed to comply.
Despite the App Store’s move to block these apps You can still access it through the Google Play Store. And each web version. Inconsistencies in policy enforcement across different platforms raise questions about the consistency and impact of such regulatory actions.
Following this news, Binance’s Asia-focused Access and services will not be affected..
The crackdown follows India’s imposition of strict taxes on cryptocurrency transactions, including a 30% tax on cryptocurrencies and a 1% tax deduction on each transaction. Because of these measures Trading volumes on Indian exchanges have decreased significantly. and User migration to overseas platforms.
Here’s the App Store’s decision: Moves to reduce Indian users’ use of foreign exchanges.
India’s Apple App Store has taken the significant step of blocking a major cryptocurrency exchange app following government guidelines, highlighting the evolving cryptocurrency regulatory landscape in the country.
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