Apple removes crypto exchange apps from App Store in India
What's the story
Apple has removed several offshore cryptocurrency exchanges, such as Binance, Kucoin, and OKX, from its App Store in India, according to Moneycontrol. 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. The notice, sent on December 28, targeted nine virtual digital assets (VDA) service providers for operating illegally in India without proper registration and compliance with local tax regulations.
Details
Finance Ministry asked MeitY to block URLs
The Finance Ministry instructed the Ministry of Electronics and Information Technology (MeitY) to block the URLs of these offshore crypto exchanges. Apple has not yet commented on the removal of these apps from its App Store. However, the apps remain available on Google's Play Store, and it is uncertain whether Google will follow Apple's suit and remove them from its platform.
Insights
India's strict stance on cryptocurrencies
India has historically been strict about cryptocurrencies and the firms handling their trade. The Reserve Bank of India (RBI) implemented a ban on cryptocurrencies five years ago, which was later overturned by the Supreme Court. However, the central bank has consistently pushed for outlawing crypto, likening these digital assets to Ponzi schemes.