India Regulates Cryptocurrency, Removes Binance From Google Play Store

The Indian government has taken stringent action against several cryptocurrency exchanges, notably impacting Binance, as users found themselves unable to access their crypto wallets, followed by the removal of Binance apps from the Google Play Store.

The government, citing concerns over alleged money laundering, did not provide an official communication but reportedly directed Google to remove these apps.

This action stems from inputs received by the electronics and IT ministry, acting on recommendations from the finance ministry’s Financial Intelligence Unit (FIU).

Indian users are now unable to access the web platforms of foreign cryptocurrency exchanges, including Binance, Kucoin, and OKX.

Orders have been issued to take down Android and iOS apps, with iOS apps already removed last week.

The FIU escalated the situation by issuing notices on December 28 to Binance and eight other exchanges, questioning their operations in India and expressing concerns about compliance with anti-money laundering laws.

The FIU recommended blocking access to the URLs of these platforms and gave them a two-week window to respond, which expired on Friday, leading to the government’s decisive actions.

Source: TECHDIGEST