The mobile apps of major cryptocurrency exchanges Binance and OKX have been removed from the Google Play Store and Apple App Store in India following a warning from the Indian government about crypto activities.
On December 28, 2023, India’s Financial Intelligence Unit issued a directive to several cryptocurrency exchanges, such as Binance and OKX, ordering them to register and adhere to regulation">financial regulations to avoid conducting their operations unlawfully.
Despite the app removal, Binance has reassured Indian users that their accounts and funds remain safe. Binance stated they are communicating with regulators to ensure user protection and industry growth. The situation impacts other crypto firms too.
This app removal comes amidst India’s increased regulation of crypto trading through new tax laws introduced in 2022 that have reduced trading volumes by Indian users. Crypto trades now face a 30% tax, leading traders to look for options abroad to avoid the high domestic taxes.
