Apple’s Removal of Top Crypto Apps from Indian Store
Apple has delisted major cryptocurrency exchange applications like Binance, KuCoin, and OKX from its Indian app store. This action follows the Ministry of Finance’s issuance of show-cause notices to nine virtual digital asset (VDAs) service providers for breaching India’s anti-money laundering laws.
On December 28, 2023, Binance, Kucoin, Houbi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex received these notices alleging their illegal operations in India and non-compliance with local tax regulations. The Ministry of Finance has directed the Ministry of Information Technology to block the URLs of these nine crypto firms.
Apple’s removal of these crypto exchange apps aligns with the company’s inclination to adhere to legal frameworks, ensuring compliance within India’s regulatory landscape.
Previously, Apple faced a lawsuit alleging restrictions on peer-to-peer payment options, highlighting the company’s limitations on competitive choices in California District Court on November 17. The complaint cited Apple’s alleged anti-competitive engagements with PayPal’s Venmo and Block’s Cash App, resulting in users bearing escalating charges.
However, Apple’s recent action in India appears to follow governmental mandates, likely avoiding user lawsuits. It remains uncertain whether Indian crypto users will need to withdraw their funds from these exchanges. Notably, Indian users still have access to local exchanges like CoinDCX and WazirX.
The removed apps may resurface on the Apple app store if they align with regulatory stipulations and register with relevant authorities. There’s been no official response from Binance or the other exchanges about their course of action in India.
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