Apple Removes Crypto Exchange Apps from App Store in India

Apple has taken down several offshore cryptocurrency exchanges, such as Binance, Kucoin, and OKX, from its App Store in India. This comes after a show-cause notice was issued by the Ministry of Finance to several companies, including Binance, Kucoin, Houbi, Kraken, Bitstamp, MEXC Global, and Bitfinex.

Why Apple Removed Crypto Exchange Apps?

The removal of crypto exchange apps from the App Store in India is part of a wider crackdown on the virtual asset industry by the Indian government. The Financial Intelligence Unit (FIU), an Indian government agency responsible for scrutinizing financial transactions, had issued show cause notices to nine crypto firms, alleging non-compliance with India’s anti-money laundering rules.

The FIU urged India’s IT Ministry to block the websites of all nine crypto services in the country. The affected exchanges also include Huobi, Gate.io, Bittrex, and Bitfinex. However, Bitstamp, another exchange named by the FIU, remains operational on the App Store in India.

The government of India imposed taxes on virtual currencies last year, including a 30% tax on gains and a 1% deduction on each crypto transaction. Many Indian traders have reportedly migrated to global cryptocurrency platforms to potentially evade taxes, leading to a significant drop in trading volume for India-based exchanges like WazirX.

While Indian crypto exchanges like CoinSwitch Kuber, CoinDCX, and WazirX have adhered to rigorous know-your-customer verifications, several global platforms have not implemented similar measures. The shift of traders to non-compliant services prompted Indian exchanges to caution the government about potential consequences, including users turning to decentralized exchanges.

In response, India’s largest crypto exchange CoinDCX announced that it would provide rewards to customers transferring their crypto assets from global exchanges to its India-based platform. The exchange has set aside $1 million for the same.

How Apple Removes Crypto Exchange Apps?

Apple has not provided an immediate response to inquiries regarding this matter. However, according to some reports, Apple removes crypto exchange apps from its App Store by using a process called “review”. This means that Apple reviews each app before approving or rejecting it for distribution on its platform.

Apple may have removed some of the affected crypto exchange apps because they violated its guidelines or policies regarding privacy protection and security standards. Apple may also have received complaints or reports from users or authorities about these apps.

Apple may also be influenced by external factors such as regulatory pressure or political pressure from other countries or regions where these apps operate. For example, China has banned all cryptocurrency transactions and activities since 2017, which may affect Apple’s business strategy and decision-making.

What are the Implications of Apple Removing Crypto Exchange Apps?

The removal of crypto exchange apps from the App Store in India may have significant implications for both users and developers of these platforms. Users may face difficulties or inconveniences in accessing these apps or transferring their funds or assets between them.

Developers may lose revenue or market share due to reduced demand or competition from other platforms. They may also face legal challenges or penalties if they continue to operate without complying with local laws and regulations.

The removal of crypto exchange apps from the App Store in India may also affect the overall development and innovation of the virtual asset industry in the country. It may create uncertainty or confusion among investors and traders who rely on these platforms for their needs.

Apple has removed several offshore cryptocurrency exchanges from its App Store in India amid a wider crackdown on the virtual asset industry by the Indian government. This move comes after a show-cause notice was issued by the Ministry of Finance to several companies that deal with virtual digital assets (VDAs) because they weren’t following the country’s laws against money laundering.

The removal of crypto exchange apps from the App Store in India is part of a wider crackdown on the virtual asset industry by the Indian government. The Financial Intelligence Unit (FIU), an Indian government agency responsible for scrutinizing financial transactions, had issued show cause notices to nine crypto firms, alleging non-compliance with India’s anti-money laundering rules.

The FIU urged India’s IT Ministry to block the websites of all nine crypto services in the country. The affected exchanges also include Huobi, Gate.io, Bittrex, and Bitfinex. However, Bitstamp, another exchange named by the FIU, remains operational on the App Store in India.

Apple has not provided an immediate response to inquiries regarding this matter. However, according to some reports, Apple removes crypto exchange apps from its App Store by using a process called “review”. This means that Apple reviews each app before approving or rejecting it for distribution on its platform.