Google, Apple Pull Binance, Kraken and Other Exchanges from India App Stores

Google and Apple pulled many cryptocurrency exchanges, including Binance and Kraken, from their App Stores in India last week, less less than two weeks after most of these global firms were flagged for operating “illegally” in the country.”Financial Intelligence Unit (FIU), an Indian government agency that scrutinizes financial transactions, late last month issued show cause notices to nine crypto firms and alleged that they weren’t compliant with India’s anti-money laundering rules,” reported TechCrunch.”Various telecom networks and internet service providers began blocking the URLs of the crypto exchange websites Thursday evening.””Amid India’s burdensome 30% capital gains tax and 1% transaction levy imposed in 2022, numerous domestic cryptocurrency traders have migrated to global platforms with less stringent know-your-customer protocols. This regulatory arbitrage — coupled with a broader crypto winter — caused a 97% two-year decline in trading activity on WazirX, a popular Indian exchange.””The Reserve Bank of India implemented a ban on cryptocurrencies in the country about five years ago. While this ban was eventually struck down by India’s Supreme Court, the central bank has persisted in advocating for outlawing crypto since then and its top officials have likened the virtual digital assets to a Ponzi scheme.”

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