Google Play Store Blocks Binance and OKX Apps in India on FIU's Request
Date: 2024-01-15 Author: Dima Zakharov Categories: BUSINESS
Google Play Store in India has taken the step to remove cryptocurrency exchange apps Binance and OKX from its platform after receiving a notice from the country's Financial Intelligence Unit (FIU). The FIU, a part of the Ministry of Finance in India, had sent notifications to several exchanges, including Binance, KuCoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex, regarding alleged illegal activities in India. The notification emphasized that any exchange serving Indian users should register as a "reporting entity" and submit income tax reports. FIU suggested the Ministry of Electronics and Information Technology block the mentioned exchange websites due to non-compliance with these requirements.
Although Google Play Store has blocked Binance and OKX, both the Binance app and website remain accessible and operational for existing users. Binance South Asia reassured its users through a message on Twitter that their accounts and funds are secure.
Following India's introduction of a 30% tax on cryptocurrency and a 1% source tax deduction for each cryptocurrency transaction, local cryptocurrency exchanges have witnessed a decline in trading volumes. Many Indian users have shifted to foreign exchanges to evade the heavy tax burden.
The Indian Finance Bill of 2022, passed in March 2022, brought changes to tax regulations, imposing a 30% tax on cryptocurrency holdings and transfers. Additionally, traders are unable to offset losses with gains, and each trading pair is treated individually for tax calculations.
