Apple's App Store Removes Leading Crypto Exchanges in India

 In the wake of the Indian government's scrutiny of nearly a dozen offshore cryptocurrency exchanges for noncompliance, Apple's App Store in India has taken action by removing the apps of major players such as Binance, KuCoin, Bitget, Huobi, OKX, Gate.io, and MEXC. Consequently, these crypto exchange apps are no longer available for new users in India.

 The move comes after the Financial Intelligence Unit (FIU) of India's Ministry of Finance issued notices on December 28, 2023, to several crypto exchanges, including Binance, Huobi, Kraken, Gate.io, KuCoin, Bitstamp, MEXC Global, Bittrex, and Bitfinex. The notices were regarding their operation in the country without proper authorization. According to the FIU notice, any exchange providing services to Indian users must register as a "reporting entity" and submit financial reports to the income tax department. Due to their noncompliance, the FIU recommended that the Ministry of Electronics and Information Technology block the websites of these exchanges.

 Despite Apple's App Store decision to block these notified cryptocurrency exchanges, they remain accessible through Google's Play Store and their respective web versions. The situation highlights the ongoing regulatory challenges faced by cryptocurrency platforms operating in various jurisdictions.