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<h4 style="color: #252525;"><strong><span style="color: #252525;">Apple has removed the apps of at least nine cryptocurrency exchanges, including Binance and Kraken, from its App Store. </span></strong></h4>
<p style="color: #252525;"><span style="color: #252525;">This comes less than two weeks after these crypto platforms were accused of illegal operations in the Asian country. Let’s discover more about it.</span></p>
<h5><strong>Apple Removes Binance and Others from Indian App Store</strong></h5>
<p style="color: #252525;"><span style="font-weight: 400; color: #252525;">Last month, the Indian government agency, the Financial Intelligence Unit, reportedly notified nine crypto companies of their non-compliant operations, especially with India’s anti-money laundering policies. </span><span style="font-weight: 400; color: #252525;">The FIU <a href="https://coincrypto.news/indian-crypto-deposits-jump-after-finance-regulator-update/" target="_blank" rel="noopener noreferrer nofollow">asked</a> the Indian IT Ministry to restrict the websites of all nine services. Some of the other affected apps include Bitfinex, Huobi, Gate.io, Bittrex, MEXC, KuCoin, and OKX.</span></p>
<p style="color: #252525;"><span style="font-weight: 400; color: #252525;">Nowadays, the apps and their websites are still available in India and listed on the Google Play Store, but there is not a deadline for them. Users who had previously installed these apps still have access to them, while new users will no longer have access to the affected apps.</span></p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <p lang="en" dir="ltr">We are aware of new changes that have been introduced regarding crypto exchanges on the iOS App Store in India, impacting the Binance App.</p>
 <p>The ongoing situation is not unique to <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Binance</a> and we remain committed to complying with local regulations and maintaining dialogue with…</p>
 <p>— Binance South Asia (@BinanceDesi) <a href="https://twitter.com/BinanceDesi/status/1744995162957513194?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">January 10, 2024</a></p>
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<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<p style="color: #252525;"><span style="font-weight: 400; color: #252525;">The FIU requires these crypto exchanges to register as “reporting entities” and submit statements to the income tax department. The news has received mixed reactions from the Indian crypto community.</span></p>
<p style="color: #252525;"><span style="font-weight: 400; color: #252525;">Ashish Singhal, co-founder and chief executive of CoinSwitch, urged offshore exchanges to comply with the FIU’s demands as local platforms have complied. </span></p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <p lang="en" dir="ltr">The apps of several offshore VDA <a href="https://twitter.com/hashtag/exchanges?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#exchanges</a> have started getting blocked on app stores.</p>
 <p>It seems that the Financial Intelligence Unit-India (FIU-IND) show cause notice dated 28 Dec 2023 and their proposed action on offshore VASPs is taking effect.</p>
 <p>By asking offshore exchanges… <a href="https://t.co/GMImfZA1T7" rel="noopener noreferrer nofollow">pic.twitter.com/GMImfZA1T7</a></p>
 <p>— Ashish Singhal (@ashish343) <a href="https://twitter.com/ashish343/status/1744951220098551866?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">January 10, 2024</a></p>
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<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<p style="color: #252525;"><span style="font-weight: 400; color: #252525;">Singhal further explained that such compliance “is also better for consumer protection in India since there will be greater regulatory oversight of the ecosystem.”</span></p>
<h5 style="color: #252525;"><strong>India’s Tax on Crypto Income Hinders the Industry</strong></h5>
<p style="color: #252525;"><span style="font-weight: 400; color: #252525;">In a clear attempt to avoid paying taxes, many Indian traders have recently shifted to foreign crypto platforms. India started taxing virtual currencies last year. Gains are subject to a 30% tax, and each cryptocurrency transaction is <a href="https://www.altcoinbuzz.io/cryptocurrency-news/the-pros-and-cons-of-the-indian-1-tds-tax-law/" target="_blank" rel="noopener noreferrer nofollow">subject</a> to a 1% deduction.</span></p>
<p style="color: #252525;"><span style="font-weight: 400; color: #252525;">Other factors are pushing Indian locals to foreign platforms. Another reason is that India-based crypto exchanges such as CoinSwitch, Kuber, CoinDCX, and WazirX still demand stringent know-your-customer verifications before onboarding new users. However, this is not the case with foreign platforms.</span></p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <p lang="en" dir="ltr">[Community Update] Amidst the changing landscape of Indian VDA, where offshore exchange apps are now facing restrictions due to government directives, CoinDCX acknowledges the community's apprehensions. This is a defining moment for VDA in India, and we're dedicated to… <a href="https://t.co/uTpxGqsHk0" rel="noopener noreferrer nofollow">pic.twitter.com/uTpxGqsHk0</a></p>
 <p>— Sumit Gupta (CoinDCX) (@smtgpt) <a href="https://twitter.com/smtgpt/status/1744965445898445304?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">January 10, 2024</a></p>
</blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<p style="color: #252525;"><span style="font-weight: 400; color: #252525;">Interestingly, local Indian exchanges like CoinDCX are taking steps to regain market share. Following the FIU’s ban on some foreign exchanges, CoinDCX announced that it would offer rewards to Indian traders who move from foreign crypto exchanges to Indian exchanges.</span></p>
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<h5><strong>Disclaimer</strong><br> The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.</h5>
<p>The post <a href="https://www.altcoinbuzz.io/cryptocurrency-news/apple-bans-binance-and-others-from-its-indian-app-store/" rel="noopener noreferrer nofollow">Apple Bans Binance and Others From Its Indian App Store</a> appeared first on <a href="https://www.altcoinbuzz.io" rel="noopener noreferrer nofollow">Altcoin Buzz</a>.</p>

Apple Bans Binance and Others From Its Indian App Store

Altcoin Buzz

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