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 <p class="is-style-lead">In a significant move reflecting the growing scrutiny on <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency operations, Google has <a rel="noopener noreferrer nofollow" title="removed" href="https://thebittimes.com/tag/removed.html">removed</a> several <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency-related applications from its Play Store in India.</p>
 <p>This action <a rel="noopener noreferrer nofollow" title="follow" href="https://thebittimes.com/tag/follow.html">follow</a>s a series of warning notices sent by the Indian finance ministry to nine virtual digital assets (VDAs) service providers last month, citing potential violations of the country’s anti-money laundering regulations. Apple Inc. had earlier taken similar steps, pulling major offshore <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> exchanges like Binance, Kucoin, and OKX from its App Store in the country.</p>
 <p>The clampdown has affected several high-profile applications, including Binance, Kucoin, Houbi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex. These platforms reportedly operated without proper registration and adherence to local tax laws. In response to the alleged irregularities, the finance ministry urged the Information Technology Ministry to block the URLs of these exchange websites, suspecting them to be channels for money laundering activities.</p>
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   <img decoding="async" width="941" height="1024" src="https://cdn.thebittimes.com/images/2024/01/16/c12f2c31d57d2789110c63222f825296.webp" alt="Google removed several crypto apps in India, following Apple - 1"> 
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   Binance app not available on Google Play Store in India. | Source: Google Play Store
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  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> Binance assures Indian accounts are safe <a rel="noopener noreferrer nofollow" title="follow" href="https://thebittimes.com/tag/follow.html">follow</a>ing Apple’s delisting
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 <p>The Ministry of Electronics and Information Technology (Meity) executed these app removals on Dec. 28 post the issuance of show-cause notices. Google’s decision is perceived as part of a larger initiative to ensure adherence to its policy standards. The finance ministry’s Financial Intelligence Unit (FIU) had raised concerns about the potential misuse of these apps in money laundering schemes. Binance reacted to the removal of its app from Apple’s App Store on Jan. 10, reassuring users:</p>
 <blockquote class="wp-block-quote">
  <p>Please note that existing app users will not be impacted. We will continue to work with regulators to resolve the situation and will share updates here.</p>
  <p>Rest assured that your funds are SAFU.</p> <cite>Binance South Asia</cite>
 </blockquote>
 <p>The finance ministry clarified that offshore and onshore VDA service providers in India must register with FIU-India and conform to the Prevention of Money Laundering Act (PMLA), 2002. As a pivotal national agency, the FIU is instrumental in identifying and communicating information regarding suspicious financial transactions.</p>
 <p>Cryptocurrency and blockchain applications have been gaining traction for financial and investment purposes. The apps offered <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> trading, portfolio management, and price tracking services. As these platforms grow in significance, regulatory agencies are increasingly vigilant to ensure compliance and prevent misuse.</p>
 <p>Removing these applications from Google and Apple app stores underscores the tech giants’ readiness to comply with the authorities’ concerns. This move, in line with the finance ministry’s directive to limit access to these apps and URLs, highlights the imperative for companies dealing in virtual digital assets to adhere to local regulations and proactively address illicit activities.</p>
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  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> India blocks access to major offshore crypto exchanges
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/google-removed-several-crypto-apps-in-india-following-apple-tbt76672.html">https://thebittimes.com/google-removed-several-crypto-apps-in-india-following-apple-tbt76672.html</a></p>

Google removed several crypto apps in India, following Apple

TheBitTimes

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