© Reuters
MUMBAI – Following the exclusion of major cryptocurrency exchange apps, including Binance and OKX, from Apple's (NASDAQ:) App Store and Google's (NASDAQ:) Play Store in India, Binance has taken steps to reassure its Indian user base about the security and continuity of their funds. The apps were removed as part of India's implementation of the Financial Intelligence Unit (FIU) compliance requirements under the Prevention of Money Laundering Act (PMLA).
Despite the recent app removals, Binance confirmed that existing installations of its app would remain operational for users in India. The company has also indicated that they are in active discussions with regulatory bodies to align with local laws and address compliance issues.
The backdrop to these developments is India's strict regulatory environment for cryptocurrencies. The country has imposed a 30% tax on crypto transactions and a 1% tax deducted at source (TDS) on transactions exceeding INR 10,000. These measures have contributed to a significant reduction in the volume of local cryptocurrency trading.
Binance, which received compliance notices from the FIU in December 2023, is among the crypto service providers facing these regulatory challenges. The exchange's proactive communication aims to mitigate concerns among its users and work to resolve compliance issues with Indian authorities.
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