Binance & Kraken Removed from Apple India's App Store: Crypto Ban Fears or Glitch?

As of Wednesday, 10 January, Apple's App Store does not display several foreign cryptocurrency exchanges in India, including Binance and Kraken. The "Curious Case of Binance, Kraken Disappearing from Apple India's App Store" is about the abrupt removal of both cryptocurrency exchange apps from the Indian App Store on 10 January 2024. This unexpected action has left Indian consumers and the cryptocurrency world scratching their heads, looking for answers and understanding the potential consequences.

Indian government is focusing heavily on ensuring that all nationwide cryptocurrency enterprises are registered with the appropriate authorities

Several members of India's cryptocurrency community shared screenshots of their Apple Store searches on X, which yielded no results in the App Store. The move comes at a time when the Indian government is focusing heavily on ensuring that all cryptocurrency enterprises operating in the nation are registered with the appropriate authorities.

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The sudden disappearance of these international exchangers from the App Store comes nearly a week after the Indian government issued letters requesting updates on their legal compliance status. The Indian Financial Intelligence Unit (FIU) asked the government to ban these cryptocurrency exchanges until they demonstrated compliance with India's existing crypto legislation.

On social media, members of India's crypto community are actively discussing the reasons and warnings behind the apps' withdrawal from Apple's ecosystem in India. Along with Binance and Kraken, App Store searches for Mexc, Huobi, and Gate.io do not produce the expected results. The decision appears to be part of India's regulatory initiatives in the cryptocurrency sector, aimed at addressing concerns about tax avoidance.

Many Indian traders transferred their funds to offshore international exchanges

After India levied taxes on cryptocurrency revenues last year, many Indian traders transferred their funds to offshore international exchanges. Indians must pay a 30% tax on all cryptocurrency revenues and 1% TDS on all cryptocurrency transactions. When these rules were enacted in 2022, trading volumes on Indian cryptocurrency platforms plummeted dramatically.

The government now seeks to reduce the scope of cryptocurrency misuse for illegal purposes while secretly encouraging the usage of native exchanges. The issue is still unfolding, and it is critical to be informed about any new developments. As further details emerge, the "Curious Case" of Binance and Kraken's disappearance may shed light on the current situation and future trajectory of crypto legislation in India.