Apple has recently taken a decisive step by removing Binance, KuCoin, and other offshore cryptocurrency exchanges from its India app store. This move comes in the wake of the Indian government issuing compliance show cause notices to nine entities, including Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex.
Interestingly, even OKX, a notable offshore cryptocurrency exchange not included in the show cause notice list, has faced removal from the Apple India app store. The notices were issued by India’s Financial Intelligence Unit (FIU) on December 28, operating under the nation’s Finance Ministry and acting under the Prevention of Money Laundering Act (PMLA).
Simultaneously, the Indian government has initiated efforts to block the URLs of the identified entities operating without compliance. Despite the ongoing paperwork-intensive process, the URLs for these exchanges are still functional in India, as reported by an insider familiar with the matter to CoinDesk.
It appears that the government might be adopting a patient approach, awaiting responses from the entities before taking further actions. Meanwhile, these cryptocurrency exchange apps continue to be available on Google PlayStore, adding a layer of complexity to the regulatory landscape.
