Both Google’s Play Store and Apple’s App Store in India have recently removed applications from prominent crypto exchanges such as Binance and OKX. The removal follows the Indian government’s cautionary advisory regarding crypto-related activities.
The Financial Intelligence Unit of India issued a directive to several crypto exchanges, specifically Binance and OKX, on December 28, 2023, urging them to register and adhere to financial regulations. If the exchanges continued to operate without compliance, they would face severe legal consequences.
Users are understandably concerned about the removal of Binance’s app from Indian app stores. Despite the app’s unavailability, Binance quickly addressed these concerns with a reassuring post, emphasizing the safety of user accounts and funds.
The backdrop for this regulatory action is India’s implementation of new tax laws, which will have a significant impact on the country’s crypto trading landscape.
Notably, a 30% tax on crypto trades was implemented in March 2022, posing difficulties for traders and resulting in a significant decrease in trading volume on Indian exchanges.
The tax policy has caused a shift in behavior, with traders looking for alternatives to Indian exchanges to offset the impact of high taxes.
This shift in strategy is consistent with the global nature of the crypto market, where users frequently seek platforms that offer more favorable terms.
