Why Apple blocked Binance and other crypto exchanges in India
Apple's App Store in India has blocked applications from Binance, KuCoin, Bitget, Huobi, OKX, Gate.io and MEXC, preventing new users located in the subcontinent from accessing them
It thundered so much that it rained. Almost a year ago in India the Vda Sp (i.e. the Virtual Digital Assets Service Providers) were included as subjects of attention within the anti-money laundering and counter-terrorism financing framework according to the directives deriving from the Prevention of Money Laundering Act of 2002 .
THE FIU'S "PRIOR EVICTION NOTICE".
Two weeks ago, precisely on December 28, the Financial Intelligence Unit (FIU) of the Indian Ministry of Finance had issued a series of compliance notices to nine offshore virtual digital asset service providers: Binance , Kucoin, Huobi, Kraken , Gate.io, Bittrex, Bitstamp, MEXC Global and Bitfinex.
WHAT DOES INDIA CONTEST WITH FOREIGN EXCHANGES
There are no real charges behind it, other than failure to comply with the anti-money laundering regulations in force in India. In the document, the FIU states that every exchange offering services to Indian users must register as a reporting entity and submit returns to the income tax department. In parallel, the Financial Intelligence Unit recommended that the Ministry of Electronics and Information Technology block exchange websites until they comply.
THE BAN OF BINANCE AND CO FROM THE APPLE STORE
For this reason, in the last few hours the Apple App Store in India has blocked the applications of Binance, KuCoin, Bitget, Huobi, OKX, Gate.io and MEXC, preventing new users located in the subcontinent from accessing them.
However, it remains to be seen whether or not those who have already registered the app on their device can continue to use it regularly or whether access will soon be prevented at state level as requested in recent days by the economic department of the Ministry of Electronics and Technology of the 'Information.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/perche-apple-ha-bloccato-binance-e-altri-crypto-exchange-in-india/ on Fri, 12 Jan 2024 06:52:12 +0000.