Apple Removes Top Crypto Exchanges from Indian App Store
In response to allegations of operating illegally in India, Apple has removed various cryptocurrency exchange apps from its Indian app store.
Notable platforms such as Binance, Kraken, Huobi, Gate.io, Bittrex, Bitfinex, and OKX are no longer available on the Apple India app store, though users who had previously installed these apps can still use them.
This move follows accusations by India’s Financial Intelligence Unit (FIU) against Binance, KuCoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXCGlobal, and Bitfinex for violating the Prevention of Money Laundering Act 2002 (PMLA). The FIU has called on the Ministry of Electronics and Information Technology to block the websites associated with these accused entities.
In accordance with Indian regulations, all Virtual Digital Asset Service Providers (VDA SPs) are required to register with the FIU. However, the agency highlighted that several offshore firms, despite serving a substantial number of Indian users, have not complied with this registration requirement.
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As of now, 31 VDA SPs have completed registration with FIU IND. Nevertheless, multiple offshore entities, while catering to a significant portion of Indian users, have neglected registration and adherence to the Anti Money Laundering (AML) and Counter Financing of Terrorism (CFT) framework.
Interestingly, the impacted apps are still accessible on the Google Play Store in India, and the websites of these cryptocurrency exchanges remain open to users within the country.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
