In a significant development, Apple has withdrawn prominent cryptocurrency exchange applications from its Indian App Store. This includes major platforms like Binance, KuCoin, and OKX. This decision aligns with actions taken by the Indian government, specifically the Ministry of Finance, which recently issued legal notices to several virtual digital asset (VDA) service providers. These notices were in response to violations of India’s anti-money laundering regulations.
Among the affected entities are well-known exchanges such as Binance, KuCoin, Houbi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex. They received these legal intimations on December 28, 2023, citing their illegal operations in India and failure to adhere to local taxation laws. Furthermore, the Finance Ministry has instructed the Ministry of Information Technology to restrict access to these companies by blocking their online addresses.
Apple’s decision to remove these apps from its Indian marketplace is likely an attempt to maintain compliance with local legal standards and avoid potential legal issues.
Apple’s ongoing lawsuit for Blocking crypto payment tech
In the latter part of the previous year, a significant technology company was embroiled in legal action. It was accused of restricting options for peer-to-peer transactions. This legal challenge was initiated in a District Court in California on November 17th. Allegations were made that the company had engaged in anti-competitive conduct by entering into agreements with digital payment platforms like PayPal’s Venmo and Block’s Cash App. The legal document suggests that such actions by the company have resulted in escalating costs for consumers.
In a separate development concerning Indian users, the company’s recent actions align with governmental regulations, which may prevent potential lawsuits from arising. The impact on Indian cryptocurrency users, particularly whether they must withdraw their funds from exchanges, remains uncertain. Despite this, India continues to host leading crypto exchanges like CoinDCX and WazirX.
The apps that were removed from the company’s app store could make a comeback if they adhere to relevant laws and complete registration with the appropriate bodies. To date, there has been no official response from Binance or other exchanges about their prospective strategies in India.