Representations of cryptocurrencies
Apple has removed a number of cryptocurrency apps from the regional App Store servicing India, weeks after a financial regulator declared they were operating illegally.
On December 28, India’s Financial Intelligence Unit declared that nine crypto exchanges were not complying with anti-laundering laws, resulting in a request to the IT Ministry to block the websites in the country. Less than two weeks later, Apple withdrew apps for the offending services.
The request affects nine services in total, reports TechCrunch, including Binance, Kraken, Huobi, Gate.io, Bittrex, and Bitfinex, as well as OKX. Bitstamp, named in the FIU’s list, remains functional in the App Store at the time of publication.
It is likely that the removals are at the request of the IT Ministry, but so far they only seem to have affected the apps in the App Store. The sites themselves are still accessible within the country, and Google Play Store apps are similarly available to download.
The crypto crackdown in India follows after the introduction of virtual currency taxes in 2023, including a 30% tax on gains and 1% on transactions. Some exchanges still function legally in India, including CoinSwitch Kuber and CoinDCX.
