3, March, 2024
HomeBusinessApple Takes Action: Offshore Crypto Exchanges Removed from App Store Amidst India's Regulatory Scrutiny

Apple Takes Action: Offshore Crypto Exchanges Removed from App Store Amidst India’s Regulatory Scrutiny

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In a recent development, Apple has removed various offshore cryptocurrency exchanges, including Binance, Kucoin, and OKX, from its App Store in India, as reported by Moneycontrol. This move follows a show-cause notice issued by the Ministry of Finance to companies like Binance, Kucoin, Houbi, Kraken, Bitstamp, MEXC Global, and Bitfinex.

Read Also | “Grok” Cryptocurrency Rollercoaster: From Hype to Skepticism

The notice, dated December 28, targeted nine virtual digital assets (VDA) service providers, accusing them of operating illegally in India without proper registration and compliance with local tax regulations.

To enforce this action, the Finance Ministry instructed the Ministry of Electronics and Information Technology (MeitY) to block the URLs of these offshore crypto exchanges. Apple has not provided a statement regarding the removal of these apps from its App Store. Meanwhile, the apps in question are still accessible on Google’s Play Store, leaving uncertainty about whether Google will follow Apple’s lead and remove them from its platform.

Read Also | Google Takes Down 17 Apps with Over 1 Crore Downloads for User Snooping – Full Details Here

This move reflects India’s historically stringent stance on cryptocurrencies and the entities involved in their trade. Despite the Supreme Court overturning the Reserve Bank of India’s (RBI) cryptocurrency ban implemented five years ago, the central bank has consistently advocated for outlawing cryptocurrencies, drawing parallels between digital assets and Ponzi schemes.

The regulatory landscape continues to evolve, shaping the future of cryptocurrency operations in India.

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