Funds are safe, users can continue using the app: Binance tells Indian users

Cryptocurrency exchange Binance told users on Wednesday that their funds were safe, and they can continue using the current version of the app.

The development comes shortly after Apple dropped the app, along with OKX and KuCoin, from its App Store for Indian users earlier in the day.

"We are aware of new changes that have been introduced on the iOS App Store in India, impacting the Binance App and certain other global Web3 industry apps. The ongoing situation is not unique to Binance, and we remain committed to complying with local regulations and maintaining dialogue with regulators worldwide to ensure the continued availability of our services," it told users in an email.

The Decrypting Story has seen a copy of this email.

"Rest assured that all user accounts and funds are safe. Existing users can continue to use the current version of the app. We are working hard to engage in constructive policy-making that seeks to benefit every user and all market participants," it added.

Besides Binance, other virtual digital assets service providers like Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfenex have also issued notices for not registering as reporting entities with FIU-India.

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.