Google’s Play Store and Apple’s App Store in India have removed the apps of popular cryptocurrency exchanges Binance and OKX.
This move follows a warning from the Indian government about crypto activities.
On December 28, 2023, India’s Financial Intelligence Unit told several crypto exchanges, including Binance and OKX, to register and follow financial rules.
They were warned about operating illegally in India.
Even though Binance’s app was removed, the exchange has reassured its users through a post, stating that their accounts and funds are safe.
See Also: Apple Removes Foreign Crypto Exchange Apps From India’s App Store
“We are aware of an IP block affecting a number of crypto firms, including Binance. This only impacts users who attempt to access the Indian iOS app store or the Binance website from India. Existing users who already have the Binance app are not affected.
We remain committed to the adherence of local regulations and laws and we are dedicated to maintaining active communication with regulators to ensure user protection and the development of a healthy Web3 industry.
The ongoing situation is not unique to Binance and impacts other web3 industry players as well. We are working hard to inform constructive policy-making that seeks to benefit every user and all market participants. All user funds are safe. If you are having trouble accessing your account or need support, you may DM us here. Any changes or updates will be communicated promptly via our official channels.”
We are aware of an IP block affecting a number of crypto firms, including Binance. This only impacts users who attempt to access the Indian iOS app store or the Binance website from India. Existing users who already have the Binance app are not affected.
We remain committed to…
— Binance Customer Support (@BinanceHelpDesk) January 12, 2024
India’s new tax laws have made crypto trading more challenging. A 30% tax on crypto trades was introduced in March 2022.
This has reduced trading volume on Indian exchanges, with traders looking for options abroad to avoid high taxes.
