Apple's App Store in India has delisted several major crypto exchange applications, including: Binance and Kucoin, in accordance with instructions from the country's financial authorities. The move follows a December directive from the Financial Intelligence Unit (FIU), which warned these platforms for not complying with local regulations.
The FIU notification issued on December 28 required virtual currency exchanges serving customers in India to register as “reporting entities” and comply with income tax reporting requirements. Exchanges that did not meet these criteria faced website blocking recommended by the IT Ministry.
Retirement of these apps from the App Store will significantly impact access for new users, although existing users will still be able to use the service. Meanwhile, the same applications remain available on the Google Play Store, highlighting disparities in enforcement across platforms.
In response to the block, CoinDCX founder Sumit Gupta expressed his views on social media and provided insight and guidance for investors looking to migrate to a compliant Indian exchange.
This development is a direct result of India's strict taxation of cryptocurrencies, which has led users to seek alternative trading platforms. The Indian government's resolute stance, highlighted by its advocacy for international cooperation on cryptocurrency regulation at the G20 summit, demonstrates its determination to establish a strong regulatory environment for digital assets.