Binance, OKX, KuCoin dropped from Apple App Store
Apart from Binance and Kucoin, virtual digital assets service providers Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfenex have been issued notices for not registering as reporting entities with FIU-India.
, , and apps have been dropped from the Apple App Store for Indian users as of Wednesday.
Users who have downloaded these apps seem to continue to have access to them as of now, The Decrypting Story has found.
These three apps also appear to be live on Google Play Store and are completely accessible.
However, new users attempting to download any of these apps from the Apple App Store are unable to do so as of now.
This comes after the Finance Intelligence Unit (FIU) sent a show cause notice to foreign offshore exchanges on December 28 on the grounds that they were violating anti-money laundering laws present in the country. As many as 28 virtual digital asset companies have registered with the FIU under the anti-money laundering and countering the finance of terrorism guidelines.
Apart from Binance and Kucoin, the other virtual digital assets service providers (VDA SP) which have been issued notice for not registering as reporting entities with FIU-India (FIU IND) are Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfenex.
The virtual digital assets service providers operating in India (both offshore and onshore) and engaged in activities like the exchange between virtual digital assets and fiat currencies, transfer of virtual digital assets, safekeeping or administration of virtual digital assets or instruments enabling control over virtual digital assets etc are required to be registered with FIU IND as 'Reporting Entity' and comply with the set of obligations as mandated under Prevention of Money Laundering Act (PMLA) 2002.
Edited by Kanishk Singh