Binance and several other cryptocurrency applications are no longer accessible on Apple’s App Store in India.

  1. Background:
  • Several crypto apps, including Binance, are no longer available on Apple’s App Store in India.
  • Indian Binance users raised concerns on social media, urging the company to confirm its Financial Intelligence Unit (FIU) registration in the country.
  1. Binance’s Response:
  • Binance acknowledged the situation and assured users of its commitment to comply with local regulations.
  • Existing users are unaffected, and the company emphasized the security of user funds through the “SAFU” (Secure Asset Fund for Users) insurance fund.
  1. India’s Crypto Regulations:
  • India, a leader in grassroots crypto adoption, has faced challenges with high capital gains taxes, leading users to turn to foreign exchanges.
  • The government sent “show cause” notices to nine offshore crypto entities, including Binance, accusing them of illegal operations and non-compliance with money laundering laws.
  • The finance ministry instructed the Ministry of Electronics and Information Technology (Meity) to block the URLs of these exchanges.
  1. Apple’s Action:
  • Apple removed the crypto apps from its App Store in India, following Meity’s instructions.
  • The move is a response to allegations of non-compliance with Indian regulations.
  1. Local Alternatives:
  • Indian crypto exchanges are promoting themselves as alternatives amid the crisis.
  • KoinBX and CoinDCX, among others, highlight compliance with FUI registrations.
  • However, user sentiments suggest skepticism about the viability of these local alternatives.
  1. Challenges with Indian Exchanges:
  • Some users express dissatisfaction with Indian exchanges, citing issues like poor technology and high taxes on profits.
  • Social media complaints, including withdrawal problems, have been reported against platforms like CoinDCX.
  1. Government Stance on Crypto Regulation:
  • Indian Prime Minister Narendra Modi emphasizes the need for a global framework and regulations for emerging technologies, including crypto.
  • Advocates for adoption, democratisation, and a unified approach to regulation at the G20 Summit.

In summary, the disappearance of crypto apps from Apple’s App Store in India, particularly Binance, is linked to regulatory actions by the Indian government. Users are grappling with the absence of familiar foreign platforms, while local alternatives face skepticism due to perceived shortcomings. The situation reflects the ongoing challenges in regulating and adopting cryptocurrencies in India.

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