Apple Takes Action: Binance App Removed from App Store in India Amid Crypto Regulatory Concerns

Financial Intelligence Unit of India Urges Ministry to Block Binance URL amid Cryptocurrency Regulatory Scrutiny

Apple has removed Binance, the world’s largest cryptocurrency exchange, along with apps from Kucoin and OKX, from its App Store.

This action follows a recent warning from India’s finance ministry to nine companies dealing with virtual digital assets, citing non-compliance with the country’s anti-money laundering laws.

The move by Apple is seen as part of a broader regulatory effort to enforce compliance and address concerns related to potential misuse of virtual digital assets for money laundering activities.

On December 28, a warning was issued to prominent cryptocurrency exchanges including Binance, Kucoin, Houbi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex.

The accusation centered around their alleged non-compliance with Indian laws, specifically failure to register and adhere to local tax regulations.

In response, the finance ministry instructed the IT ministry to take action by blocking access to the websites of these exchanges.

The removal of cryptocurrency exchange apps, including Binance, Kucoin, and others, from Apple’s App Store has raised questions about their availability on Google Play Store for Android phones.

While these apps remain listed on Google Play Store for now, there’s speculation that Google might take similar actions if the cause for removal is consistent.