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Numerous exchanges removed from the Indian App Store
Indian crypto exchanges struggle with heavy taxes and regulations
Numerous exchanges removed from the Indian App Store
According to TechCrunch, eight popular cryptocurrency exchange apps, including Binance, Kraken, Mexc, and Kucoin, have been removed from the Indian Apple App Store. The list of removed apps includes:
Huobi
Bittrex
Gate.io
Kraken
KuCoin
Binance
Bitfinex
MEXC Global
The Financial Intelligence Unit India (FIU IND), a department under the Indian Ministry of Finance, issued compliance notices to nine well-known offshore exchanges, including those listed above, on December 28, accusing them of illegal operations and violations of anti-money laundering regulations.
Bitstamp is also one of the nine non-compliant exchanges but is still operational on the Indian App Store.
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Furthermore, these exchange apps are still available on the Indian Google Play Store, and the websites can still be accessed. Apple has not responded to TechCrunch’s request for comment.
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Illegal operations, non-compliance with anti-money laundering laws, India announces the blocking of nine major exchanges
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Indian crypto exchanges struggle with heavy taxes and regulations
Coinbase also notified Indian users in September of last year that it would cease its services and advised them to withdraw funds from their accounts. However, at the time, a Coinbase spokesperson told the media that this only applied to accounts that no longer met the updated standards.
However, in May 2022, Coinbase CEO Brian Armstrong revealed that due to “informal pressure” from the Reserve Bank of India, Coinbase had to temporarily suspend its trading services in India.
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Coinbase denies discontinuing operations in India, struggles in the Indian market persist
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Additionally, India started imposing a 30% capital gains tax on cryptocurrency and NFTs last year, as well as a 1% transaction tax on each cryptocurrency trade.
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Indian regulation | 30% capital gains tax on NFTs and cryptocurrencies to be implemented, digital rupee expected to be issued by 2023
)
binance
Kraken
Kucoin
MEXC
Further reading
What new value does Richard Teng, the new CEO, bring to Binance with compliance as an absolute advantage?
Binance 2023 Annual Report: 30% user growth, $213 million spent on compliance.