Apple Bites Off Crypto: Binance, Kucoin, OKX Out of Indian App Store in Government Crackdown
In a move sending shockwaves through the Indian crypto community, tech giant Apple has removed three major cryptocurrency exchange apps – Binance, Kucoin, and OKX – from its App Store in India. This follows a show-cause notice issued by the Ministry of Finance late last month, accusing the platforms of operating illegally by not complying with the country’s anti-money laundering (AML) regulations.
According to reports, the Indian government has been keeping a close eye on offshore crypto exchanges amid concerns about rising financial crime and lack of regulatory oversight. The show-cause notice, sent to nine platforms including the now-removed apps, demanded clarification on their operating procedures and compliance with AML norms.
Removing these prominent exchanges throws a curveball into the Indian crypto scene, leaving thousands of users uncertain about accessing their funds and trading options. Binance dominates the market with a reported 50% share of Indian crypto trading volume.
While the government hasn’t explicitly banned cryptocurrencies in India, its stance has remained cautious. Concerns about volatility, consumer protection, and potential misuse of illegal activities have fueled regulatory pushback. Recent reports of scams and market manipulation linked to offshore exchanges likely exacerbated these concerns.
The App Store move is a significant escalation and raises questions about the future of cryptocurrency trading in India. The government is reportedly working on a comprehensive regulatory framework for crypto assets, but its timeline and details remain unclear.
Industry reactions:
- Binance issued a statement assuring users that existing app users’ funds are safe and exploring “all possible options” to address the situation.
- Kucoin and OKX haven’t yet released official statements.
- Local crypto exchanges like Zebpay and CoinDCX will likely see a surge in user registrations given the limited options.
What remains to be seen:
- Whether Google Play Store follows suit and removes the apps.
- How the government plans to regulate offshore crypto exchanges.
- The long-term impact on user adoption and overall market sentiment.
Search Engine Loud will continue to monitor developments and provide comprehensive updates on this evolving story.
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