Apple and Google have removed several major crypto exchanges from their app stores in India after the Indian Financial Intelligence Unit flagged nine crypto service providers as operating illegally in the country. Various telecom networks and internet service providers in India are also blocking the websites of affected crypto exchanges.
India Continues Crackdown on Uncompliant Crypto Platforms
Tech giants Google and Apple have taken action against several major crypto exchange apps in India following the crackdown on offshore crypto exchanges by Financial Intelligence Unit India (FIU IND).
On Saturday, Google removed major crypto exchanges like Binance and Kraken from Google Play Store in India while Apple pulled crypto exchange apps from its App Store a few days earlier. In addition, various telecom networks and internet service providers in India have also started blocking the websites of affected crypto exchanges.
In December last year, India’s Financial Intelligence Unit issued “compliance show cause notices” to nine offshore crypto firms. The government explained that all crypto service providers operating in India are required to register with the FIU IND as a reporting entity and comply with the rules set forth by the Prevention of Money Laundering Act 2002. The Ministry of Finance stated at the time that 31 crypto service providers have registered with the FIU IND.
The nine crypto firms that received a notice from the FIU IND are Binance, Kucoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex.
Commenting on Apple removing its app, before Google implemented a similar policy, Binance Customer Support detailed on X Friday:
We are aware of an IP block affecting a number of crypto firms, including Binance. This only impacts users who attempt to access the Indian iOS app store or the Binance website from India. Existing users who already have the Binance app are not affected.
“The ongoing situation is not unique to Binance and impacts other web3 industry players as well. We are working hard to inform constructive policy-making that seeks to benefit every user and all market participants. All user funds are safe,” Binance Customer Support noted.
What do you think about Apple and Google removing crypto exchange apps flagged by the FIU from their app stores? Let us know in the comments section below.
