Apple removes Binance, OKX and Kucoin from App Store in India.

[Bureau]

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 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.

[pakhitheboss]

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.

[pawanjain]

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 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.

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.

[kentrolla]

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.

[Bitcoin Smith]

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.

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.

[electronicash]

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 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 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.

[pakhitheboss]

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.

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.

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.

[Bureau]

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

[pakhitheboss]

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.

[Ravichnadra]

Well, that's pretty sad news.

But does it affect Andriod users too?

[God bless u]

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 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.

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.

Well, that's pretty sad news.

But does it affect Andriod users too?

So far Android users are safe.. 

[pakhitheboss]

Well, that's pretty sad news.

But does it affect Andriod users too?

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.

[kentrolla]

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.

[Bureau]

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.

[Ravichnadra]

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 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.

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.

Well, that's pretty sad news.

But does it affect Andriod users too?

So far Android users are safe.. 

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

[libert19]

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'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

Well, that's pretty sad news.
But does it affect Andriod users too?

So far Android users are safe..  

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

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

[pakhitheboss]

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.

[libert19]

Rather than helping the middle class, the government keeps on screwing it for its benefit.

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.

 

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.

Already blocked from my side, I use Jio.


[1] Binance Loses India Traders to Local Firms It Recently Dominated

[Bureau]

Rather than helping the middle class, the government keeps on screwing it for its benefit.

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.

 

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.

Already blocked from my side, I use Jio.


[1] Binance Loses India Traders to Local Firms It Recently Dominated

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.

[kentrolla]

Rather than helping the middle class, the government keeps on screwing it for its benefit.

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.

 

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.

Already blocked from my side, I use Jio.


[1] Binance Loses India Traders to Local Firms It Recently Dominated

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.