In a significant move, Apple's App Store in India has restricted access to major cryptocurrency exchange apps, including Binance, KuCoin, Bitget, Huobi, OKX, Gate.io, and MEXC. This action follows a warning from the Financial Intelligence Unit (FIU) of the Indian Ministry of Finance, issued on December 28, 2023. The FIU targeted Binance, Huobi, Kraken, Gate.io, KuCoin, Bitstamp, MEXC Global, Bittrex, and Bitfinex, accusing them of illegal operations in India.
To comply with Indian regulations, the FIU mandated that exchanges serving Indian users register as "reporting entities" and submit statements to the income tax department. Failure to comply led the FIU to recommend blocking the exchanges' websites, a move now implemented by Apple's App Store.
This development has immediate consequences for new users in India, who can no longer access these popular crypto exchange platforms. The clash between regulatory bodies and the cryptocurrency industry is evident, reflecting the broader global challenges faced by the evolving crypto landscape.
Reference: Cointelegraph
