Apple's App Store in India has restricted access to several major cryptocurrency exchange apps, including Binance, KuCoin, Bitget, Huobi, OKX, Gate.io, and MEXC.
This development follows closely on the heels of a noncompliance notice issued by the Indian Ministry of Finance's Financial Intelligence Unit (FIU) to nearly a dozen offshore crypto exchanges in late December 2023.
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The FIU's notice identified a breach of regulatory compliance, stating that crypto exchanges serving Indian users must register as a "reporting entity" and adhere to income tax filing requirements. The FIU also recommended blocking the websites of these crypto exchanges for failing to comply.
Despite the App Store's move to block these apps, they remain accessible through Google's Play Store and their respective web versions. The discrepancy in policy enforcement between different platforms raises questions about the consistency and impact of such regulatory actions.
Following the news, Binance's Asia-focused X account acknowledged the app blockage in India but reassured existing users that this development would not affect their access and services.
This clampdown comes in the wake of India imposing stringent taxes on cryptocurrency transactions, including a 30% tax on crypto and a 1% tax deduction at source for each trade. These measures have led to a significant decrease in trading volumes on Indian exchanges and a migration of users towards foreign platforms.
The App Store's decision thus appears to be a move to curtail the use of these offshore exchanges by Indian users.
Apple's App Store in India has taken a significant step by blocking key cryptocurrency exchange apps following government directives, highlighting the evolving landscape of cryptocurrency regulation in India.
