Apple’s App Store in India has delisted several major cryptocurrency exchange applications, including Binance and KuCoin, following directives from the country’s finance authority. This step comes on the heels of the Financial Intelligence Unit’s (FIU) December directive, which flagged these platforms for non-compliance with local regulations.
The FIU’s notice, issued on December 28, mandated that crypto exchanges serving Indian customers must register as ‘reporting entities’ and adhere to income tax reporting requirements. Exchanges that failed to meet these criteria faced website blocks recommended to the IT Ministry.
The withdrawal of these apps from the App Store significantly impacts access for new users, although existing users can still utilize the services. Meanwhile, the same applications remain available on the Google Play Store, highlighting a disparity in the enforcement across platforms.
In response to the block, CoinDCX’s founder Sumit Gupta expressed his perspective on social media, offering insights and guidance for investors transitioning to compliant Indian exchanges.
This development is a direct consequence of India’s stringent tax policies on cryptocurrency, which have driven users to seek alternative trading platforms. The Indian government’s firm stance, underscored by its advocacy for international cooperation on crypto regulation at the G-20 summit, signals a commitment to establishing a robust regulatory environment for digital assets.
