- Crypto exchange apps like Binance, Kraken removed from Apple’s India App Store.
- Indian FIU issued notices to exchanges for non-compliance with AML laws.
- Despite App Store removal, affected crypto apps still on Google Play India.
Several well-known mobile applications for cryptocurrency exchanges have disappeared from the Apple App Store in India. The apps that are no longer available include those from Binance, Kraken, Mexc, and Kucoin, to name a few. This development occurs roughly ten days following allegations that these exchanges were operating “illegally” in the country.
Last month, the Financial Intelligence Unit (FIU), the Indian government body responsible for probing and scrutinizing financial transactions, issued show-cause notices to nine cryptocurrency companies.
Non-Adherence to AML Regulations
Huobi (HTX) and Gate.io, along with Bittrex and Bitfinex, are exchanges that have been affected. Reports indicate that Bitstamp, which has also received warnings from the FIU, remains accessible on the App Store in India.
The notifications accused the platforms of failing to adhere to India’s anti-money laundering (AML) laws. As a result, the Financial Intelligence Unit (FIU) requested that the Indian Ministry of Information Technology (IT) place a ban on all nine exchanges.
Even though they have been removed from Apple’s App Store, these cryptocurrency exchange apps remain available on Google Play in India, and their websites are still accessible within the country. This situation highlights the ongoing regulatory oversight faced by cryptocurrency platforms in India, which can influence the availability of their mobile applications.
Recently, a trend has emerged where Indian traders are transferring their cryptocurrency holdings to foreign platforms, possibly to circumvent the substantial tax implications imposed by the Indian authorities.
Numerous global platforms fail to comply with the same verification level and regulatory adherence as domestic cryptocurrency exchanges, which implement strict Know Your Customer (KYC) checks when registering new users.
