Apple has removed some top global cryptocurrency exchanges like Binance and Kucoin from its App Store in India after the government sent show-cause notices to these crypto exchanges for not complying with the money laundering laws and allegedly operating illegally in the country.
The Financial Intelligence Unit, under the Finance Ministry, last month issued show-cause notices to nine offshore virtual digital asset service providers, including Binance, for operating in the country without complying with the money laundering laws. Apple did not immediately comment on removing these crypto exchanges from its App Store. These crypto apps continue to be available on Google’s Play Store.
Last month, the Finance Ministry had also asked the IT Ministry to block the URLs of these crypto companies as they have been operating illegally in the country. Binance is already facing scrutiny in the US after pleading guilty to breaking anti-money laundering laws. Binance chief Changpeng Zhao had to quit as part of a multi-billion dollar settlement following a probe into the functioning of the world's largest crypto exchange.
The Finance Ministry said that offshore and onshore Virtual Digital Asset service providers operating in India and involved in activities including exchange between virtual digital assets and fiat currencies, transfer and administration of virtual digital assets or instruments enabling control over them must register with the Financial Intelligence Unit-India and comply with the provisions of the Prevention of Money Laundering Act (PMLA), 2002.