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- These apps include Binance, Kraken, Mexc, and Kucoin, among others.
- The FIU had sent nine cryptocurrency exchanges with show-cause warnings last month.
A number of prominent cryptocurrency exchanges’ mobile apps have simply vanished from India’s Apple App Store. These apps include Binance, Kraken, Mexc, and Kucoin, among others. This action is being taken a week and a half after these exchanges were named for supposedly running “illegally” inside the nation.
The Indian government agency in charge of investigating and analyzing financial activities, known as the Financial Intelligence Unit (FIU), sent nine cryptocurrency companies with show-cause warnings last month.
AML Non-compliance
In addition to Huobi (HTX) and Gate.io, Bittrex and Bitfinex are also impacted exchanges. However, as per reports, Bitstamp, another exchange that has been warned by the FIU, is still available on the App Store in India.
Claiming non-compliance with India’s anti-money laundering (AML) regulations, the notifications targeted these platforms. The Financial Intelligence Unit (FIU) subsequently asked the Indian Ministry of Information Technology (IT) to blacklist all nine exchanges.
Despite being pulled from Apple’s App Store, these crypto exchange applications may still be found on Google Play in India, and their websites can still be accessed from inside the nation. This incident illustrates the continued regulatory scrutiny that crypto platforms in India are subject to, which may affect the accessibility of their mobile apps.
There has been a noticeable trend in recent times among Indian traders who are moving their cryptocurrency assets to international platforms. This might be because they are trying to avoid the heavy tax consequences that the Indian government has put in place.
Many international platforms do not adhere to the same degree of verification and regulatory compliance as local crypto exchanges, which conduct rigorous KYC verifications for new user enrolment.
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