HIGHLIGHTS
- As of January 10, the apps are still visible on the Google Play Store.
- Apple has not provided an explanation for the development as of now.
- The FIU has also not provided updates regarding compliance statuses.
As of Wednesday, January 10, Apple’s App Store no longer displays several foreign crypto exchanges, including Binance and Kraken, for users in India. Numerous members of India’s crypto community have shared screenshots of their searches on the Apple Store, revealing no results for these exchanges. This development coincides with the Indian government’s heightened emphasis on ensuring that all crypto firms operating in the country are registered with the relevant authorities.
The sudden removal of these foreign exchanges from the App Store happened about a week after the Indian government issued notices, seeking updates on their legal compliance statuses. During this time, the Indian Financial Intelligence Unit (FIU) urged the government to consider banning these crypto exchanges until they could demonstrate their compliance with India’s current crypto laws.
Members of India’s crypto community are engaging in active discussions on social media regarding the reasons and potential warnings behind the disappearance of these apps from Apple’s ecosystem in India. Apart from Binance and Kraken, searches on the App Store for Mexc, Huobi, and Gate.io are also yielding undesired results.
This action appears to be a component of India’s regulatory endeavors concerning the crypto sector, with a focus on addressing concerns related to tax evasion.
Following the imposition of taxes on crypto incomes in India last year, numerous Indian traders opted to transfer their deposits to offshore international exchanges. Indians are now subject to a 30 percent tax on all crypto earnings and a one percent TDS on all crypto transactions. With the implementation of these laws in 2022, Indian crypto exchanges experienced a significant decline in trading volumes.
The government’s current objective is to reduce the potential misuse of crypto for criminal activities and encourage the use of domestic exchanges.