Indian Government Notice: Binance, KuCoin off Apple's App Store

• Major Offshore Cryptocurrency Exchanges Removed From Apple's India App Store
• OKX Also Removed Despite Not Receiving Notice
• Compliance Notices from India's Financial Intelligence Unit
• URL Blocking Process Still In Progress
• Apps Still Available on Google PlayStore
• Delays in Crypto and Web3 Bill Implementation

Major Offshore Cryptocurrency Exchanges Removed From Apple's India App Store

In the wake of recent regulatory notices by the Indian government, Apple has delisted Binance, KuCoin, and other offshore cryptocurrency exchanges from its app store in India. This action took place shortly after nine entities received compliance show cause notices.

OKX Also Removed Despite Not Receiving Notice

OKX, another significant offshore cryptocurrency exchange, was also delisted from the Apple India app store, despite not receiving a compliance show cause notice. The nine exchanges that received these notices were Binance, KuCoin, Huobi$2.62 -0.25%, Kraken, Gate$5.17 -0.37%.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex.

Compliance Notices from India's Financial Intelligence Unit

On December 28, the Financial Intelligence Unit (FIU) under India's Finance Ministry, issued these compliance show cause notices under its Prevention of Money Laundering Act (PMLA). This move marked the government's initial steps towards blocking the URLs of non-compliant entities.

URL Blocking Process Still In Progress

Despite the government's efforts, the URL blocking process still requires considerable paperwork and is currently still ongoing. Consequently, the URLs for these exchanges are still functioning in India. The authorities may also prefer to give these entities an opportunity to respond to the notices before initiating further action.

Apps Still Available on Google PlayStore

Despite their removal from the Apple India app store, these applications are still available for download on the Google PlayStore. Attempts to contact Apple India or the FIU for comments were unsuccessful.

Delays in Crypto and Web3 Bill Implementation

In related news, it was reported that legislative actions for cryptocurrency or Web3 in India are likely to be postponed for another 18 months, according to an official.

Edited by Jonathan Stoker