Google’s Play Store in India has removed the apps of major cryptocurrency exchanges Binance and OKX after they failed to comply with government regulations. This is happening just a few days after Apple did the same.
On December 28, 2022, India’s Financial Intelligence Unit issued notices to Binance, OKX and several other global crypto exchanges directing them to register with Indian authorities.
The notice stated that any exchange providing services to Indian users must register as a “reporting entity” and submit statements to the income tax department. Failure to comply could result in the Ministry of Electronics and Information Technology blocking access to these exchanges’ websites.
Although the apps have been removed from the Play Store, Binance assured existing users that their accounts and funds remain safe and accessible.
This crackdown comes after India imposed a 30% tax on crypto transactions and a 1% tax deduction on trades last year, causing trading volumes to plunge as users migrated to foreign exchanges with lower tax rates.Â
India approved these stringent crypto tax laws in March 2022 in an effort to regulate the rapidly growing crypto market. Each trade is taxed separately, losses can’t offset profits, and traders must report their holdings.
By removing major global apps like Binance and OKX, Indian authorities are continuing their push to control crypto trading and enforce local tax laws. The outcome remains uncertain for India’s thriving crypto community.
Also Read: India Hopes Crypto Tax Cuts In Budget 2024
