Apple Purges Binance, KuCoin, OKX from Indian App Store

• Apple Removes Major Crypto Exchange Apps from Indian App Store
• Non-Compliance with Indian Money Laundering Laws
• Apple's Precautionary Approach
• Previous Litigation Over Limiting Peer-to-Peer Payment Options
• Uncertainty for Indian Crypto Users

Apple Removes Major Crypto Exchange Apps from Indian App Store

In a significant development, Apple has taken down leading cryptocurrency exchange applications, including Binance, KuCoin, and OKX, from its Indian app store. This action follows the issuance of show-cause notices to nine virtual digital asset (VDA) service providers by India's Ministry of Finance. These providers are accused of violating local tax regulations and operating without legal permission in India.

Non-Compliance with Indian Money Laundering Laws

The aforementioned firms, along with Houbi, Kraken, Gate$5.17 -0.37%.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex, were served with the notices on December 28, 2023. These notices accuse the crypto firms of non-compliance with India's anti-money laundering laws. The Ministry of Finance has additionally instructed the Ministry of Information Technology to block the URLs of the accused crypto firms, signifying further regulatory tightening.

Apple's Precautionary Approach

Apple's decision to remove these platforms from its Indian app store can be viewed as a precautionary measure to ensure compliance with the law. This incident, however, should not be intertwined with Apple's ongoing legal issues related to blocking crypto payment technology.

Previous Litigation Over Limiting Peer-to-Peer Payment Options

In November of the previous year, the tech giant was embroiled in a lawsuit filed by consumers in the California District Court. The litigants alleged that Apple entered into anti-competitive agreements with PayPal's Venmo and Block's Cash App, which led to increased prices for users. Nonetheless, this recent action concerning the Indian user base aligns with government regulations and is not expected to provoke a similar legal response.

Uncertainty for Indian Crypto Users

Whether Indian crypto users have to withdraw their funds from these exchanges remains uncertain. However, they still have access to leading Indian crypto exchanges like CoinDCX and WazirX. It's also speculated that the removed apps might be reinstated on the Apple app store if they adhere to the necessary regulations and register with the appropriate authorities. As of now, neither Binance nor the other exchanges have commented on their future course of action in the country.

Edited by Jonathan Stoker