The Google Play Store has delisted several prominent cryptocurrency exchanges, including Binance and KuCoin, in adherence to an official notice from India’s Financial Intelligence Unit (FIU). The directive, issued on December 28, 2023, targets exchanges operating without proper registration in India, demanding adherence to local financial reporting regulations.
The FIU’s mandate requires exchanges serving Indian customers to register as reporting entities and to furnish transaction details to the tax authorities. This action follows a similar step by the Apple App Store, which had already removed these applications previously.
Despite the removal from the Play Store, existing users who have already installed the apps can continue to use them, and the platforms remain accessible via the web.
In response to the delisting, Binance communicated through its Asia-focused X handle, reassuring Indian users of the security of their accounts and funds.
This stringent action comes on the heels of India’s new tax laws, which include a hefty 30% levy on cryptocurrency transactions and a 1% tax deduction at source on crypto trades. The measures have led to a significant downturn in local exchange volumes, with users seeking alternatives in foreign exchanges.
The Indian government’s crackdown aims to curb the use of these offshore trading platforms, as part of broader financial reforms introduced in the 2022–2023 Finance Bill.
