Apple has removed top crypto exchange apps, such as Binance, KuCoin, and OKX, from their Indian app store. The move comes after India’s Ministry of Finance sent show-cause notices to nine virtual digital asset (VDAs) service providers for non-compliance with India’s money laundering laws.
Binance, Kucoin, Houbi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex received show-cause notices on Dec. 28, 2023. The notice alleges that the crypto firms operate illegally in India and do not follow local tax rules. Moreover, the Ministry of Finance has directed the Ministry of Information Technology to block the URLs of the nine crypto firms.
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Apple most likely wants to remain on the safe side of the law, hence deciding to block the respective platforms on their Indian app store.
Apple’s ongoing lawsuit for Blocking crypto payment tech
In November last year, the tech giant faced a lawsuit alleging that the company limited peer-to-peer payment options. Consumers filed the complaint in a California District Court on Nov. 17. The complaint said that Apple allegedly entered anti-competitive agreements with PayPal’s Venmo and Block’s Cash App. According to the filing, the company’s actions have led to users paying rapidly inflating prices.
However, the recent move for Indian users is as per government regulations and might not evoke a lawsuit from users. Additionally, it is unclear if Indian crypto users will have to withdraw their funds from the respective exchanges or not. The country still has the likes of CoinDCX and WazirX as some of the top Indian crypto exchanges.
The removed apps may return to the Apple app store if they comply with the necessary laws while registering with respective agencies. So far, there has been no word from Binance or the other exchanges regarding their next move in the country.