Indian App Store Delists Eight Exchanges, Including Binance and Kraken, Only in December Warning
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Many exchanges removed from Indian App Store
Indian cryptocurrency exchanges face heavy taxes and struggle to survive
Many exchanges removed from Indian App Store
According to TechCrunch, 8 mainstream cryptocurrency exchange apps, including Binance, Kraken, Mexc, and Kucoin, have been removed from the Indian Apple App Store. The list of removed apps includes:
Huobi
Bittrex
Gate.io
Kraken
KuCoin
Binance
Bitfinex
MEXC Global
On December 28th of last year, the Financial Intelligence Unit India (FIU IND), a department under the Indian Ministry of Finance, issued compliance notices to nine well-known offshore exchanges, all of which are included in the aforementioned list of removed apps, accusing them of operating illegally and violating anti-money laundering regulations.
Bitstamp is also one of the nine non-compliant exchanges but continues to operate on the Indian App Store.
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Furthermore, these exchange apps are still available on the Indian Google Play Store, and their websites can still be accessed. Apple has not responded to TechCrunch’s request for comment.
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Illegal operations, non-compliance with anti-money laundering, Indian authorities announce the blockage of nine mainstream exchanges
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Indian cryptocurrency exchanges face heavy taxes and struggle to survive
In September of last year, Coinbase also notified Indian users that it would cease providing services and advised them to withdraw funds from their accounts. However, at the time, a Coinbase spokesperson told the media that this only applied to accounts that no longer met the updated standards.
However, in May 2022, Coinbase CEO Brian Armstrong revealed that due to “informal pressure” from the Reserve Bank of India, Coinbase had to temporarily suspend its trading services in India.
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Coinbase denies ceasing operations in India, reflecting the ongoing challenges in the Indian market
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Additionally, India began imposing a 30% capital gains tax on cryptocurrencies and NFTs last year, as well as a 1% tax on each cryptocurrency transaction.
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Indian regulation | 30% capital gains tax on NFTs and cryptocurrencies to be implemented, digital rupee expected to be issued by 2023
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Binance
Kraken
Kucoin
MEXC
Further reading
What new value does new CEO Richard Teng bring to Binance with compliance as its absolute advantage?
Binance 2023 Annual Report: 30% user growth, $213 million spent on compliance.
