In the last few days of December 2023, the Indian Finance Ministry’s Financial Intelligence Unit (FIU) issued a show cause notice to nine offshore cryptocurrency exchanges, including Binance and Kraken, alleging that the exchanges had been engaging in unauthorised operations in India. Now, Google has removed a number of crypto exchange apps from the Play Store in India. Last week, Apple also removed these apps –– that at least includes the 9 crypto apps that have been banned –– from its App Store in India.
The FIU had requested the Ministry of Electronics and Information Technology (MeitY) to block the URLs of nine crypto exchanges –– which includes Binance, Kucoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfenex –– within India. This move is in response to suspected violations of Indian anti-money laundering regulations by the mentioned exchanges.
“As part of compliance action against the…
