Binance, other offshore crypto apps removed from Google Play Store in India

Earlier this week, some offshore crypto apps, including Binance, OKX, and KuCoin, were pulled from Apple’s App Store in the country.

Binance, other offshore crypto apps removed from Google Play Store in India

Sunday January 14, 2024,

2 min Read

Offshore crypto apps such as Binance, OKX, and KuCoin were removed from the Google Play Store for Indian users as of Sunday.

This follows the blocking of websites for major global cryptocurrency exchanges, including Binance, KuCoin, and OKX, in India on Friday.

Earlier this week, some offshore crypto apps, including these three apps, were pulled from Apple’s App Store in the country.

These developments come after a show-cause notice sent by the Finance Intelligence Unit (FIU) on December 28 to foreign offshore exchanges, citing violations of the country's anti-money laundering laws. Up to 28 virtual digital asset companies have registered with the FIU, adhering to the anti-money laundering and countering the financing of terrorism guidelines.

In addition to Binance and KuCoin, notice has been issued to other Virtual Digital Assets Service Providers (VDA SP) such as Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfenex for not registering as reporting entities with FIU-India (FIU IND).

Virtual digital assets service providers operating in India, whether offshore or onshore, involved in activities such as exchanging virtual digital assets with fiat currencies, transferring virtual digital assets, or safeguarding/administering virtual digital assets or instruments enabling control over them, are mandated to register with FIU IND as a 'Reporting Entity.' They must adhere to the obligations outlined in the Prevention of Money Laundering Act (PMLA) 2002.


Edited by Megha Reddy

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