Google Play Store in India takes down Binance and OKX crypto exchange apps following a government notice on noncompliance. Similar action was previously taken by Apple’s App Store in December 2023. Explore the details and the impact on the crypto market.
Google’s Play Store in India has removed the Binance and OKX crypto exchange apps in response to a noncompliance notice issued by the Financial Intelligence Unit (FIU) of the Indian Ministry of Finance. The FIU notice, dated Dec. 28, 2023, targeted several exchanges, including Binance, Huobi, Kraken, and others, for operating illegally in India. The directive mandated exchanges serving Indian users to register as reporting entities and submit statements to the income tax department. While Google’s Play Store took swift action, blocking access to Binance and OKX, both the application and website of Binance remain accessible for existing users.
This move follows a similar decision by Apple’s App Store in India in December 2023, reflecting an increased regulatory scrutiny on cryptocurrency exchanges. The Indian government’s imposition of a 30% tax on crypto and a 1% tax deduction at source has led to a significant drop in trading volume on domestic exchanges. Users are now turning to foreign crypto platforms to navigate the challenging tax environment. The crypto community awaits further developments as regulatory measures continue to impact the industry.