Crypto Exchanges Disappear From The Play Store In India: Here's Why

Google has removed key global crypto exchange apps like Binance and Kraken from its Play Store in India.

What Happened? Last week, Apple also removed these crypto exchange apps, and several telecom networks and internet service providers followed suit by blocking the URLs of these websites.

The Financial Intelligence Unit (FIU) of India’s notices to crypto firms for non-compliance with anti-money laundering regulations prompted the removal of their apps from the Android and iOS app stores.

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The removal of these apps mark a critical point in India’s complex relationship with cryptocurrencies. Despite the Indian Supreme Court overturning the Reserve Bank of India’s (RBI) ban on cryptocurrencies, the RBI has consistently pushed for their prohibition, likening them to Ponzi schemes.

Why it matters? The restriction of these apps may further impact India’s crypto market, already affected by stringent tax measures introduced in 2022, including a 30% capital gains tax and a 1% transaction levy. These taxes have led to a notable shift of domestic cryptocurrency traders to global platforms, seeking less rigid KYC protocols and potentially evading taxes.

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