Last Updated on January 11, 2024 by Bitfinsider
Apple’s App Store in India has barred Binance, KuCoin, Bitget, Huobi, OKX, Gate.io, and MEXC crypto exchange applications, weeks after the Indian government issued a noncompliance notice to nearly a dozen offshore crypto exchanges. These exchange apps are no longer available to new users in India.
On December 28, 2023, the Indian Ministry of Finance’s Financial Intelligence Unit (FIU) sent a notification to Binance, Huobi, Kraken, Gate.io, KuCoin, Bitstamp, MEXC Global, Bittrex, and Bitfinex for unlawful operations in India.
According to the FIU notification, every exchange that provides services to Indian users must register as a “reporting entity” and submit statements with the Income Tax Department. The FIU suggested that the Ministry of Electronics and Information Technology disable the aforementioned exchanges’ websites for violation.
Although the FIU-notified crypto exchanges are blocked on Apple’s App Store, they are still accessible on Google’s Play Store and on the web.
Sumit Gupta, the founder of Indian cryptocurrency exchange CoinDCX, went to X (previously Twitter) to discuss the new ban on international cryptocurrency exchanges. He laid up a strategy for investors wishing to shift from noncompliant offshore marketplaces to compliant Indian exchanges.
After India slapped a 30% tax on cryptocurrency and a 1% tax deduction at the source for each crypto deal, traffic on crypto exchanges plummeted, and Indian customers flocked to international crypto exchanges to dodge the burdensome tax system. Thus, the most recent move would now outlaw the usage of foreign exchanges.
The Indian government’s latest move coincides with a rising need for restrictions. During the recently ended Group of 20 (G20) meeting, the Indian government urged for worldwide collaboration on crypto regulatory issues. The Indian crypto community has long advocated for a balanced crypto regulatory framework, but despite many commitments, the Indian finance ministry has failed to introduce a cryptocurrency law in parliament.
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