Apple has taken down several crypto exchanges, including Binance, Kucoin, Kraken, and MEXC, from its App Store in India, following a government order to block their websites for violating anti-money laundering rules.
The order was issued by the Financial Intelligence Unit (FIU IND), which also targeted other exchanges, such as Huobi, Gate.io, Bittrex, and Bitfinex. However, Bitstamp, another exchange identified by FIU, remains on the App Store. The crypto apps are still available on the Google Play Store, and their websites can be accessed in India.
The move is part of India‘s strict regulatory stance on cryptocurrencies, which aims to prevent money laundering and terrorism financing through crypto transactions.
India has a history of banning and taxing cryptocurrencies, despite the Supreme Court’s ruling that lifted the central bank’s prohibition.
Local exchanges have to comply with stringent KYC requirements, while global exchanges face informal pressure from the authorities. The government’s actions reflect its skepticism and caution about the crypto sector in India.
Image Credit: Shutterstock
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
