Less than two weeks after Indian authorities raised concerns over the operation of crypto exchanges, deeming them “illegal,” Apple India has removed at least eight apps associated with these platforms from its App Store. The affected apps include those belonging to major entities like Binance, Kraken, Mexc, Huobi, Gate.io, Bittrex, and Bitfinex. While some, like Bitstamp, remain operational, OKX has disappeared from the App Store.
The removal of these apps from the App Store was reportedly initiated by the Ministry of Electronics and Information Technology, according to insiders who wished to remain anonymous. Although the apps are still available on the Google Play Store in India and their websites remain accessible, users who already have the apps installed can continue using them.
Binance responded to the situation with a statement, acknowledging the changes affecting crypto exchanges on the iOS App Store in India. The statement reassured users that existing app users would not be impacted, emphasizing the commitment to comply with local regulations and engage in ongoing dialogues with regulators worldwide.
This development comes in the wake of India’s Financial Intelligence Unit [FIU IND] taking stringent action against nine offshore Virtual Digital Assets Service Providers [VDA SPs], including Binance, Kucoin, and Huobi. Accused of failing to register and adhere to anti-money laundering [AML] and counter-financing of terrorism [CFT] frameworks, these entities received compliance show-cause notices, TronWeekly reported the other day.
Indian Ministry Seeks To Block Crypto Exchanges’ URLs
FIU IND’s move, initiated in March 2023, aimed to bring virtual digital asset service providers under the purview of the AML-CFT framework. The targeted crypto entities, including Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex, were alleged to be operating illegally in India without adhering to the provisions of the Prevention of Money Laundering Act, 2002 [PMLA].
In an escalated response, the director of FIU IND urged the Ministry of Electronics and Information Technology to block the URLs of these entities. This aggressive measure seeks to prevent access to platforms perceived as flouting Indian financial regulations, adding another layer to the ongoing regulatory crackdown in the country.