India pulls Binance, Kraken from App Store following AML breach
Binance and Kraken are among at least nine crypto exchanges that have had their apps pulled from Apple’s App Store in India after the country’s government accused them of not adhering to its anti-money laundering rules.
As reported by TechCrunch, Huobi, Bitfinex, and Bittrex were also issued show cause notices by India’s Financial Intelligence Unit (FIU), the government body responsible for looking into financial transactions.
The apps are still available to users who have already downloaded them and are still available to download via the Google Play Store.
Read more: Over 1,000 Indian police caught up in $240M crypto scam
India’s main bank already tried blanket crypto ban
As detailed by TechCrunch, Indian authorities have been accused of driving the country’s traders to global or non-compliant services through its implementation of new tax laws.
Last year, India began levying a 30% tax on gains and a 1% deduction on every single crypto transaction.
The Reserve Bank of India has previously attempted to ban cryptocurrencies altogether, with senior figures likening the class to a Ponzi scheme. However, the move was eventually blocked by India’s Supreme Court.
Earlier this week, Indian crypto platform CoinDCX, which was one of the first to warn the Indian government of the effects of its new tax laws, promised to reward customers who move their crypto from global exchanges to its India-based platform.
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