In light of recent attempts to regulate international digital asset trading platforms, the Google Play Store, the tech giant’s digital distribution service, has officially blocked significant cryptocurrency exchanges like Binance and OKX in India.
As pointed out by multiple users on social media account X, the applications of Binance, the world’s largest crypto trading firm by volume, along with OKX have been blocked after a similar step was taken by Apple’s App Store in December 2023.
Binance, OKX Apps Blocked
The exchanges impacted by the block include OKX, MEXC, KuCoin, and Binance. An X user took to social media to question Binance’s commitment to its Indian users, asking for help. It is also important to mention here that OKX recently entered the Indian market.
Binance affirmed to the user that it remains “committed to the adherence of local regulations and laws” and is “dedicated to maintaining active communication with regulators to ensure user protection and the development of a healthy Web3 industry.”
“The ongoing situation is not unique to Binance and impacts other web3 industry players as well. We are working hard to inform constructive policy-making that seeks to benefit every user and all market participants. All user funds are safe,” said Binance in response to the user’s question.
Financial Intelligence Unit’s Notice to Exchanges
Notably, the Indian Ministry of Finance’s Financial Intelligence Unit (FIU) served a notice to Binance, Huobi, Kraken, Gate.io, KuCoin, Bitstamp, MEXC Global, Bittrex, and Bitfinex on December 28, stating that the firms are operating illegally in the country without registering their services with appropriate authorities.
The FIU wants international exchanges to register as “reporting entities” and submit appropriate documents to the income tax department. It asked the Ministry of Electronics and Information Technology to block the URLs of such exchanges to compel them to register services in India.
As covered earlier by TheCoinRise, India has one of the highest rates of taxation for trading digital assets. Such trades are taxed at 30%, without the option to offset losses.