Tech giants Google and Apple have taken action against several major crypto exchange apps in India following the crackdown on offshore crypto exchanges by Financial Intelligence Unit India (FIU IND), signaling India’s continued efforts to enforce compliance within the crypto industry.
On Saturday, Google removed major crypto exchanges like Binance and Kraken from Google Play Store in India while Apple pulled crypto exchange apps from its App Store a few days earlier. In addition, various telecom networks and internet service providers in India have also started blocking the websites of affected crypto exchanges.
In December last year, India’s Financial Intelligence Unit issued “compliance show cause notices” to nine offshore crypto firms, including Binance, Kucoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex. The notice stated that all crypto service providers operating in India are required to register with the FIU IND as a reporting entity and comply with the rules set forth by the Prevention of Money Laundering Act 2002. The Ministry of Finance noted that 31 crypto service providers have already registered with the FIU IND, highlighting the importance of regulatory compliance in the Indian crypto market.
The impact of the crackdown also extended to Apple users in India, with Binance Customer Support acknowledging the IP block affecting several crypto firms, including Binance. However, the customer support team assured users that existing users who already have the Binance app are not affected and emphasized that all user funds are safe.
This recent development serves as a reminder of the regulatory landscape in India and underscores the importance of proactive compliance by crypto service providers in the country. As the industry continues to navigate regulatory challenges, it is essential for market participants to prioritize constructive policy-making that benefits both users and the larger blockchain ecosystem.
