© Reuters
MUMBAI – Following the deletion of major cryptocurrency exchange applications, including Binance and OKX, from the Apple App Store and Google Play Store in India, Binance has moved to reassure its Indian user base of the security and the 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 the recent removal of the apps, Binance has confirmed that existing installations of its app will remain operational for users in India. The company also said it is in active discussions with regulators to align with local laws and address compliance issues.
The backdrop to these developments is India’s stringent regulatory environment for cryptocurrencies. The country has imposed a 30% tax on cryptocurrency transactions and a 1% tax deducted at source (TDS) on transactions exceeding INR 10,000. These measures have helped significantly reduce the volume of local cryptocurrency trading.
Binance, which received compliance notices from the UIF in December 2023, is among the cryptocurrency service providers facing these regulatory challenges. The exchange’s proactive communication aims to mitigate its users’ concerns and work to resolve compliance issues with Indian authorities.
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