- Apple’s removal of major offshore cryptocurrency exchanges, including Binance, KuCoin, and OKX, from its App Store in India is a direct response to compliance notices issued by the Indian government, specifically the Financial Intelligence Unit (FIU).
- The article highlights the varied response of major tech giants to Indian regulatory measures
In a significant move, Apple has removed several major offshore cryptocurrency exchanges, including Binance, KuCoin, and OKX, from its App Store in India. This decision comes in the wake of compliance notices issued by the Indian government, specifically the Financial Intelligence Unit (FIU), to nine cryptocurrency entities. The notices, issued under the Prevention of Money Laundering Act (PMLA), alleged illegal operations due to non-registration and non-compliance with local tax rules.
India’s Regulatory Crackdown
The regulatory crackdown initiated on December 28 targeted prominent exchanges such as Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex, in addition to those removed from Apple’s App Store. The action underscores the Indian government’s efforts to address concerns related to tax evasion within the rapidly growing cryptocurrency sector. While India has experienced a surge in popularity in cryptocurrency trading, it has also faced heightened scrutiny from authorities.
Tax Invasion Concerns and Impact on Trading Platforms
Tax invasion concerns have been a focal point of India’s regulatory approach, particularly as many Indian traders turned to popular offshore cryptocurrency trading platforms. Last year, the country imposed taxes on virtual currencies, reinforcing its commitment to ensuring proper taxation within the digital asset space. Notably, India-based exchanges with rigorous Know Your Customer (KYC) verifications, including CoinDCX, Kuber, WazirX, and CoinSwitch, continue to operate in the country.
Varied Response from Tech Giants
While Apple’s decision to remove these cryptocurrency exchange apps from its India App Store reflects a stringent stance, these apps remain accessible on the Google PlayStore, indicating a varied response from major tech giants to regulatory measures. It remains to be seen whether Google PlayStore will follow Apple’s lead in restricting access to these exchanges.
Ongoing Regulatory Landscape
The Indian government’s show-cause notices and the subsequent removal of apps from Apple’s App Store highlight the evolving regulatory landscape for cryptocurrencies in India. As the government takes steps to block URLs of exchanges allegedly operating without full legal compliance, the situation is dynamic, with potential further actions pending responses from the entities involved.
A Pivotal Moment in Crypto Regulation
Apple’s removal of leading cryptocurrency exchanges from its India App Store marks a pivotal moment in the ongoing discourse between digital currency platforms and regulatory bodies. The incident emphasizes the challenges and complexities faced by the cryptocurrency sector in aligning with regulatory expectations, and the repercussions may extend beyond the removal of these apps, impacting the broader crypto landscape in India.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
