India has delisted ten crypto exchanges, including Binance and KuCoin, from Apple‘s App Store, following directives from the Ministry of Finance. The Financial Intelligence Unit (FIU) accused the delisted exchanges of operating illegally in India and failing to adhere to anti-money laundering (AML) regulations. The move follows the imposition of a 30% tax on crypto holdings and transfers, along with a 1% tax at source for each trade in 2022.
The crackdown aims to create a level playing field as India advocates for global collaboration in regulating the crypto sector. The delisting of major exchanges from Apple’s App Store signals a new era of compliance and oversight in India’s crypto market.
here are the names of the 10 crypto exchanges that were delisted from Apple’s App Store in India:
- Binance
- KuCoin
- Bitget
- Huobi
- Gate.io
- OKX
- Kraken
- MEXC
Including 2 more..
Table of Contents
Why Did This Happen?
The Ministry of Finance, through its Financial Intelligence Unit (FIU), says these apps were operating in India without permission. They also weren’t doing enough to stop illegal money activities. The government told the tech ministry to block these apps on December 28, 2023.
New Rules for Crypto Apps
The FIU wants crypto apps in India to register and follow tax rules. This is because the government put taxes on crypto money in 2022. Now, there’s a 30% tax on crypto holdings and transfers, and a 1% tax for each trade. The idea is to make sure everyone follows the same rules, whether they are local or from outside India.
What Does This Mean for Users?
Binance South Asia, one of the affected apps, says users don’t need to worry. They promise that the changes won’t affect how people use their app, and they will follow the rules in India. However, Apple has also removed three other foreign crypto apps in India. People are guessing that Google might do the same on its Play Store.
What’s Next?
This decision by the government is part of a bigger plan to make sure crypto is used safely in India. The government wants both Indian and foreign apps to play by the same rules. As they tighten the regulations, it’s affecting how much people can trade and use crypto apps in the country.
In Conclusion
The removal of popular crypto apps from Apple’s App Store is a big deal in India. The government is making sure that everyone follows the rules to keep crypto safe and legal. People are watching to see what happens next and if other app stores will do the same.
Does XM is baned