📱 Indian Government Cracks Down on Cryptocurrency Exchanges’ Mobile Apps 📵

Several global crypto exchanges' mobile applications have vanished from Apple's App Store in India as part of a broader crackdown.

The Apple Store in India is cracking down on global exchanges like Binance by removing their apps.

The Indian government’s crackdown on the operations of global cryptocurrency exchanges continues, as the mobile applications of several major exchanges, including Binance, Kraken, Mexc, and Kucoin, have vanished from Apple’s App Store in India. This move follows the recent allegations against these exchanges for operating “illegally” in the country.

🏛️ The Financial Intelligence Unit Takes a Stand

The Financial Intelligence Unit (FIU), an Indian government agency responsible for examining financial transactions, has issued show cause notices to nine crypto firms for non-compliance with India’s anti-money laundering rules. As a result, the FIU requested the country’s Ministry of Information Technology to block the websites of these exchanges.

The list of affected exchanges includes Huobi, Gate.io, Bittrex, Bitfinex, and Bitstamp, with the latter being the only one still available on the App Store in India. Interestingly, the apps of these exchanges are still accessible on the Google Play Store, and their websites can still be visited within the country. Apple has yet to respond to inquiries about the removal of these mobile applications.

💰 Indian Government’s Measures Against Tax Evasion

The Indian government implemented taxes on virtual currencies in the past year, including a 30% tax on gains and a 1% deduction for each crypto transaction. This led many Indian traders to seek refuge on global cryptocurrency platforms in order to potentially evade taxes. As a consequence, India-based exchanges like WazirX have experienced a significant drop in trading volume.

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Indian exchanges, such as CoinSwitch Kuber, CoinDCX, and WazirX, have diligently implemented rigorous know-your-customer (KYC) verification processes. However, many global platforms operating in India have not taken similar measures. The migration of traders to non-compliant services has prompted Indian exchanges to warn the government about potential consequences, such as users turning to decentralized exchanges.

🚀 CoinDCX Responds with Incentives

In response to these developments, CoinDCX, India’s largest crypto exchange, has announced a plan to incentivize customers who transfer their crypto assets from global exchanges to its India-based platform. CoinDCX has set aside $1 million for this purpose, aiming to encourage users to shift their trading activities back to compliant exchanges within the country.

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🌐 Q&A: What You Need to Know

Q: Why have the mobile apps of these exchanges disappeared from Apple’s App Store in India?

A: The Indian government’s recent crackdown on crypto exchanges flagged Binance, Kraken, Mexc, and Kucoin, among others, for operating “illegally” in the country. As a result, Apple has removed their mobile applications from the App Store in India.

Q: Can Indian users still access these exchanges through other means?

A: Yes, the websites of these exchanges are still accessible within India, and their mobile apps can also be found on the Google Play Store. So, users can still access the platforms using alternative methods.

Q: Why did Indian traders move to global cryptocurrency platforms?

A: The Indian government implemented taxes on virtual currencies, which prompted many traders to seek offshore platforms in order to potentially evade taxes. The 30% tax on gains and the 1% deduction on each crypto transaction encouraged traders to explore alternatives outside of India-based exchanges.

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🔮 Future Outlook: Trends and Recommendations

The crackdown on global cryptocurrency exchanges by the Indian government reflects its determination to regulate the industry and address issues related to tax evasion. Moving forward, we can expect more stringent measures to be implemented, including stricter compliance regulations and more thorough KYC processes.

As a result of this crackdown, compliant Indian exchanges have the opportunity to attract traders who are concerned about the legal risks associated with non-compliant platforms. Exchanges like CoinDCX, CoinSwitch Kuber, and WazirX, which have demonstrated their commitment to regulatory compliance, are well-positioned to regain market share and become the preferred trading platforms for Indian crypto enthusiasts.

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📚 Reference Links:

1. India’s Digital Rupee Crossed Million Transactions in 1 Day with the Help of Banks
2. India Issues Compliance Notices to Nine Offshore Exchanges, Including Binance
3. CoinDCX Reports 2,000% Increase in Deposits Since India’s Crackdown on Offshore Exchanges

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