Binance has confirmed the removal of its app, along with several foreign-based exchange applications, from Apple’s App Store in India. This move aligns with the Financial Intelligence Unit of India’s (FIU-IND) concerns over non-compliance with the Prevention of Money Laundering (PML) Act.
Binance South Asia states, “We are committed to complying with local regulations and ensuring our services’ continued availability.” However, they reassure existing users of uninterrupted service and express a willingness to collaborate with regulators to address these concerns.
Broader Impact and Compliance Call
Apple’s strict approach towards crypto-related apps had previously seen Coinbase Wallet and Trust Wallet briefly removed in 2022. The FIU-IND’s recent show cause notice to several offshore crypto trading platforms has escalated the issue, citing a failure to register under India’s regulatory frameworks.
Ashish Singhal, CoinSwitch’s co-founder, advises affected exchanges to align with local regulations, enhancing consumer protection in India. “Registering with the FIU-IND and complying with India’s AML and CFT measures is crucial for offshore exchanges,” he emphasizes.
This situation underlines the growing need for crypto platforms to actively navigate the complex waters of global financial regulations. As the industry evolves, so does the need to balance innovation and regulatory compliance.
Also Read: Apple Drops Binance, Kucoin, OKX Apps Amid India Crypto Ban
