Major Crypto Exchanges Vanish from Google Play Store in Indiaby Fintech News Singapore January 15, 2024
Among the affected crypto firms are Binance, OKX, Kraken, Huobi, Gate.io, Bittrex, and Bitfinex.
The decision by Google comes on the heels of a crackdown by the Indian government’s Financial Intelligence Unit (FIU) which had recently issued show cause notices to nine crypto firms.
Additionally, several telecom networks and Internet service providers in India began blocking access to the websites of these crypto exchanges on Thursday evening.
Responding to these developments after Apple yanked its exchange from the app store, Binance said, “we are aware of an IP block affecting a number of crypto firms, including Binance. This only impacts users who attempt to access the Indian iOS app store or the Binance website from India.”
Binance assured its existing users that those who already have the app installed would not be affected and reaffirmed its commitment to complying with local regulations and laws.
The Indian government had imposed a flat 30% tax on all crypto income last year as well as introduced a 1% tax deducted at source (TDS) on crypto transactions exceeding 10,000 Indian rupees (approximately US$120).