©Reuters
MUMBAI – Following the removal of major cryptocurrency exchange apps, including Binance and OKX, from the Apple App Store and Google Play Store in India, Binance has decided to reassure its Indian user base that the security and continuity of their funds. The apps were removed as part of India’s enforcement of Financial Intelligence Unit (FIU) compliance requirements under the Prevention of Money Laundering Act (PMLA).
Despite recent app removals, Binance has confirmed that existing installations of its app will remain operational for users in India. The company also said it is actively talking with regulators to align with local laws and resolve compliance issues.
The backdrop to these developments is India’s rigorous regulatory environment for cryptocurrencies. The country has imposed a 30% tax on crypto transactions and a 1% withholding tax (TDS) on transactions that exceed INR 10,000. These measures 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 cryptocurrency service providers navigating these regulatory challenges. The exchange’s proactive communication aims to alleviate its users’ concerns and work towards resolving compliance issues with Indian authorities.
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