Binance, Kraken, and KuCoin Delisted from India’s App Store

The Indian App Store has purged prominent global crypto exchanges, including Binance, Kraken, and KuCoin, from its listings. This action comes in the wake of a warning issued by India’s Financial Intelligence Unit (FIU) targeting nine global crypto exchanges for non-compliance with Anti-Money Laundering (AML) and Counter Financing of Terrorism (CFT) laws. The FIU urged the Ministry of Information Technology to block access to these exchanges within India.

The flagged list of nine exchanges, including Binance, Kraken, KuCoin, Huobi, Gate.io, Bittrex, Bitfinex, and Bitstamp, faced the axe from the Indian App Store, except for Bitstamp, as of January 10, 2024. Interestingly, Google Play Store still hosts these apps, creating a disparity in availability across platforms.

Recent years witnessed a surge in Indian cryptocurrency investors flocking to global exchanges like Binance, seeking refuge from the stringent tax regime imposed domestically. Since the government enforced a hefty 30% tax in July 2022, Binance alone registered a staggering 429,000 downloads by September. Meanwhile, domestic exchanges like WazirX, CoinDCX, and CoinSwitch Kuber witnessed an 80-90% dip in trading volumes.

However, the landscape is shifting following India’s aggressive stance against global exchanges, redirecting user traffic back to local platforms. This governmental crackdown has inadvertently empowered local exchanges, breathing new life into their user base.

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