Google Removes Offshore Crypto Apps; Including Binance from Play Store
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In under a day after Indian users lost access to crypto wallet websites like Binance, their mobile apps were also removed from the Google Play Store.
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While there's no official word from the government, officials from the electronics and information technology ministry mentioned that the decision to have Google take down these apps came after
activities linked to these platforms.
Government Restrictions on Cryptocurrency Platforms in India
The Economic Times reported on Saturday that the Indian government has probib access for Indian users to the web platforms of foreign cryptocurrency
Kucoin, and OKX. The electronics and IT ministry subsequently issued orders to remove the Android apps of these platforms
Eartier last week, the ministry had already directed the removal of 105 stars as these platforms. These actions against digital asset service providers were
Financial Intelligence Unit (FIU), moicating potential involvement in money laundering activities
FIU Issues Notices to Cryptocurrency Exchanges for Unauthorized Operations
On December 28, the Financial
exchanges, asking them to explain their activities in India. The notices highlighted mancerns that these platforms were operating without proper permissions and not following the necessary antimonRY Laundering laws.
The FILU not only sought explanations but also suggested to the IT ministry to block
affices in Seychelles, Cayman Islands, Switzerland, and Singapore, The other eight exchanges that received notices were Kucoin, Huobi, OKX, Gate.io, Bitex Bitstamp, MEXC Global, and Bitfines
These platforms had a two-week deadlin to respond, which ended on Friday. The FIU's actions aimed to address worries about potential rule violations and non-
Important: Please note that this article is only meant to provide information aed should not be taken as legai, tax investiment, financial, or any other type of advice
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