In a significant development, Google has moved to remove several offshore cryptocurrency exchanges from its Play Store in India, mirroring a similar move by Apple. Binance, KuCoin, Bitget, Huobi, OKX, Gate.io and MEXC are among the affected platforms following a notification by the Financial Intelligence Unit (FIU) of the Ministry of Finance of India. The government’s crackdown on these exchanges is based on allegations of illegal operations within the country.
Google Play Store removed Binance and them in India
Google’s decision to remove leading offshore cryptocurrency exchanges from the Play Store in India cryptokoin.com As we reported, this follows a similar move by Apple, which also removed these platforms from the App Store. Affected exchanges include industry giants such as Binance, KuCoin, Bitget, Huobi, OKX, Gate.io and MEXC. This action followed a notice by the Financial Intelligence Unit alleging that these exchanges were operating illegally in India. On December 28, 2023, the Financial Intelligence Unit of the Ministry of Finance of India issued a notice to various cryptocurrency exchanges, including Binance, Huobi, Kraken, Gate.io, KuCoin, Bitstamp, MEXC Global, Bittrex, and Bitfinex. The notification highlighted alleged illegal operations in India.
The Financial Intelligence Unit insisted that any exchange serving Indian users must register as a “reporting entity” and file a return with the income tax department. The Ministry was called to block the websites of these exchanges due to non-compliance. Despite the Play Store blocking, these exchanges remain accessible to existing users who have the apps installed and users accessing them over the web. The Financial Intelligence Unit’s notification underlined the regulatory pressure on cryptocurrency exchanges and signaled the government’s intention to enforce compliance with legal requirements.
Cryptocurrency exchanges respond to regulatory situation in India
In response to regulatory challenges, Binance’s Asia-focused X arm has reassured users on its platform about the security of Indian users’ accounts and funds, following the app blocking in India. The move follows Apple’s previous delisting from the same exchanges, indicating the sector is increasingly scrutinized by regulators.
India’s recently implemented 30% crypto tax and 1% tax deduction on every crypto trade has led to a decline in crypto exchange volumes. This has led Indian users to explore currencies to avoid high tax rates. The government’s actions against offshore exchanges are aimed at curbing such practices and bringing cryptocurrency operations within the ambit of Indian regulations. The Finance Bill, introduced in the budget session of Parliament in January 2022-2023, changes tax regulations to impose a 30% tax on cryptocurrency holdings and transfers, while also imposing strict rules on traders.
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