Bitcoin Forum

Bad news coming for those who have been trading on Binance, OKX, and Kucoin. Apple has removed these three exchange apps from its app store, the news that is being circulated in the mainstream media says that the move comes days after nine offshore virtual digital asset services providers were sent show-cause notices (https://www.moneycontrol.com/news/technology/apple-removes-crypto-exchanges-binance-kucoin-okx-from-app-store-in-india-12026551.html) for AML. The blocking orders were sent 10 days back to Apple however they are still showing on Google Play Store. I did check that the Binance app is working fine on my mobile phone and I think it would be a good idea for anyone who has funds in the Binance wallet to transfer them to a personal wallet.

I am still able to access my Binance app on my mobile phone and can see it on Google Store. I read the article and they are saying they have not been able to get an answer as to why these apps were removed. Let's wait and watch and not come to any conclusion as money control does have a bad reputation when it comes to crypto. They have again written that the information was provided to them by a source, Indian media always rely on their source and tend to publish wrong information constantly. Last year Apple removed Metamask from their app store and it was later on restored back, at that time everyone was jumping to a negative conclusion causing FUD.

If it's because of the recent AML regulation policies then they should be banning these exchanges from google play store as well as restrict access to the websites.
That isn't happening now because we are still able to access the apk and URL and so I think the reason might be different.

I don't trust moneycontrol but I have seen this in numerous news articles that these exchanges has been removed due to non compliance in accordance with India's money laundering law. This is a concern to be honest because what if same is followed by Google Play store and if they start targeting all the international exchange. But it's too early to arrive at any conclusion let's wait for sometime and see how this evolves.

I haven't done my research about it yet but I can possibly give an answer based on the previous instances happened.

If the apps removed from the app store then it's probably because Indian government asked the Apple and told them to take down the apps for whatever reason it can be and remember when India banned Chinese apps few years back?

The app will still work and probably for even months, so we don't have to worry about moving funds if there is any in Binance because the exchange will send notice if there is an actual ban and users will be requested to withdraw the balance followed by deadline.

Maybe in a day or two it won't be available on PlayStore too.

India's government seems serious about its laundering law. as long as they are not blocked from accessing binance and the rest on web browsers i think they are just fine.  


i have the same feeling that it will also happen in my country where users are forced to use the local exchange that is backed by the government. if they can't monitor local users because they are using the international exchange then it would make sense for the government to shut them.

I am still hoping that what you said is true. I was going trough some post on the same topics on reddit and there was a panic. A lot of Indians do not use Apple products so it is not that serious for now. If Google starts blocking these apps then we will see the market going into red and especially the altcoins.

Binance yesterday accepted that the present issue of its app being blocked in India on the Apple store is related to the AML requirement. They are now willing to cooperate with the government of India and adhere to all regulations. This is an indication that if the Indian government asks for user details Binance will provide the information. I do not think that it will affect other Indian users in regards to tax or TDS as Binance does not operate on Indian soil. You can read the full statement on their X.com handle.

https://x.com/BinanceDesi/status/1744995162957513194?s=20

I checked Google play store today and all three apps are showing up, not sure for how long. CoinDCX has reported a surge in the volume after this incident. I am sure other Indian exchanges would be experiencing the same. This is not the right way to get volumes back to Indian exchanges. There would many users who would now start working to find other way out. The government is only creating more problems to themselves than solving the issue.

Well, that's pretty sad news.

But does it affect Andriod users too?

It is to suggest people to keep their funds in their personal wallets because exchanges are not safe at all. but so many people are regularly trading in these platforms. they can't just simply withdraw their funds to their wallets like that. and I think you are a bit over acting. even if these apps are removed from apple app store and now have risk of getting removed from google app store, there is still no reason to rush and withdraw your money. these exchanges are not just apps. don't forget that they have their websites also.  Everyone can easily login to their accounts using a pc or laptop and continue using them freely. i don't think it is good to raise tension like that.

So far Android users are safe.. 

As for now it is not affecting new users as this stand of government authority only affect a newbie. By the way they are working upon it would in coming days affect those who are using those exchanges. Unless they don't agree with the rule of law, which I expect some of them would agree.

I meant those exchanges that have mandatory KYC implemented. Exchange like MEXC global would care a dam about regulation as they are still operating without KYC mandatory. I doubt they will ever care about it as they operate with the lowest exchange fees. I am not referring to withdrawal fees, I am referring to trading fee that is way more less than other centralized exchanges.

As of now it hasn't affected the Android users but removal is these exchanges from App store is enough to send a fear wave. This leaves a possibility of removal from play store as well and Android users will be affected if this happens.

But I think some sort of agreement will be reached between the government and these exchanges because Indians will be in difficult situation as they would miss out on possible bull run if this is not sorted.

If these exchanges do not come into agreement with the government then the issue would escalate. Those exchanges that have KYC requirements won't object to the government condition and those that have a good user base like Binance, Kucoin, and OKX. My question is can the government go after DEX or centralized exchanges that do not have a strict KYC policy next? If they think AML is happening through the centralized exchanges it can happen through DEX too. How will they do it? The situation is going to get worse as per my understanding. There are still multiple ways a launderer can launder money into India without any issue.

Thank you ! I was afraid that even android will get hit up. I

I'd like it if Binance were to follow all regulations as local exchanges, including TDS and continue to operate in India, convenience Binance brings is unparalleled by any other exchange.

BTW, here is what Binance said about VPN use: https://www.talkimg.com/image/3ztqW

Source: https://twitter.com/BinanceHelpDesk/status/1745909568981402043


I just searched on play store; binance and kucoin has been removed.

All of them have been blocked not only the three you have mentioned. This is getting worse as the month progresses, I am not happy with what is happening in India. Rather than helping the middle class, the government keeps on screwing it for its benefit. There was an article published by the Economic Times that URLs of these exchanges have been blocked. It seems they are still accessible for now and in the coming days, they will get blocked.

What screwing? Although I agree they should make tax rates reasonable otherwise this decision merely brings offshore traders back to Indian exchanges and it did [1], tell me if i'm missing something.

 
Already blocked from my side, I use Jio.

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[1] Binance Loses India Traders to Local Firms It Recently Dominated (https://www.bnnbloomberg.ca/binance-loses-india-traders-to-local-firms-it-recently-dominated-1.2021574)

As expected the conclusion to this issue would be not good. The government would now realize how much they made this issue worse in the future. It is almost certain that not many exchanges from that list would comply with them. Kucoin and OKX have said anything about this shadow ban or any other exchange like Binance did as soon as they got blocked by Apple. I guess it will be only Binance that might comply and how long it will take is uncertain.

Binance might bow down to the government but if it does then we need to understand what would be the government's requirement? I am sure government is doing this to make them comply on applying the exorbitant taxes which should be directed to them and if Binance or any other exchange complies with that then it doesn't make them different than CoinDCX, CoinSwitch or any other Indian exchange who are at brink of closure as users have shifted to other international exchanges due to this justifying taxes and people will just stop using them. This current Indian government is a curse to common people and Indian users don't have much options at the moment.

I just got to know the news of these removals both on App Store and playstore today because it was trending on X (formerly known as Twitter). What I would like to inquire from the Indian users is what is Binance and other exchanges' stand towards the actions by the Indian Government?

Have they issued out any notices about stopping to cooperate with Indian users in the future yet?

As far as I can see only Binance and Kucoin have issued statement regarding this url/app ban, cmiiw, but nothing in particular that they will stop co-operation with Indian users, your funds are safe if they are on our exchange and they'll comply to maintain their services.

Update from Binance (already mentioned in previous responses): https://twitter.com/BinanceDesi/status/1744995162957513194?s=20

Update from Kucoin: https://twitter.com/KucoinIndia/status/1745860129696924133

Today morning I checked the urls of Binance, Kucoin and OKX using both Jio and Airtel and I can still see the homepage. I guess they are not yet blocked in certain states. I feel as Google removed them from Play Store they would get blocked in a phased manner. I am still able to access Binance app on my mobile. They might block them too if the issue doesn't get resolved.

Are both Airtel and Jio fiat deposit and withdrawal methods for Indian users?

If yes, then they are regarded as financial services or banks by any central bank authority in India. What I know might happen if they (binance and the Indian government) do not come to a resolution, then the central bank will instruct all money transfer services not cooperate with the blacklisted exchanges and monitor any transactions coming from the exchanges.

Bureau is referring to Airtel and Jio as ISPs not payment methods.

Has anyone tried accessing Stake.com while using JIO? This is something I recently found out - I was surprised that Mukesh Ambani would go to such lengths. I was trying to place a bet yesterday on the South African T20 league, earlier I had switched to JIO as the network of my Airtel connection was not that good. I without checking which network provider I was using I went ahead to access Stake. Unfortunately, it did not open and it gave a weird message to which I got confused. I tried a few times and eventually, I gave up and then shifted to Airtel and it worked. Today before writing this post I saw that I was able to get access to the site. Has anyone else faced the same issue if yes then is it something happening continuously?

If you have not faced such an issue then why the government is encouraging gambling and betting with cryptocurrency? Why not apply AML policy against these casinos which are known for money laundering? I sometimes feel that this government is only concerned about its tax collection and not concerned about the middle class which is being squeezed to its lowest level.

Thank you.

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It could have just been a one time technical error that you might not be able to reproduce.

Does it encourage gambling using crypto? That's surprising.

That's what Governments do. Always fucking up the marginalized.

I can open stake.com with Jio. What error message did you receive?


Crypto casinos are probably out of their radar for now, once their eyes fall on those, we'll see things getting tightened around them too.

I don't know because when it happened, I quickly switched over to Airtel. I got the default message the website cannot be accessed.


I think so that crypto casino is out of their radar, still the ways things are shaping for crypto in India they will go after them in the future.