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Updated January 15th, 2024 at 12:30 IST

Google Play Store delists Binance and other foreign crypto exchanges

The FIU notice, dated December 28, 2023, targeted several exchanges, including Binance, Huobi, Kraken, Gate.io, KuCoin, Bitstamp, MEXC, Bittrex, and Bitfinex.

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Binance
Binance | Image:Unsplash
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Play Store delists Binance: In response to noncompliance notices from the Indian Ministry of Finance's Financial Intelligence Unit (FIU), Google's Play Store in India has removed the Binance and OKX crypto exchange apps, mirroring a similar decision by Apple's App Store in December 2023.

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Image credit: Google Play Store

The FIU notice, dated December 28, 2023, targeted several exchanges, including Binance, Huobi, Kraken, Gate.io, KuCoin, Bitstamp, MEXC Global, Bittrex, and Bitfinex, accusing them of illegal operations in India. The notice specified that any exchange serving Indian users must register as a "reporting entity" and submit statements to the income tax department. The FIU suggested blocking the websites of these exchanges for non-compliance.

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Although Google's Play Store delisted Binance and OKX, existing users can still access the Binance application and website.

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Binance.com is working normally on web | Image credit: Binance.com 

The FIU's action followed India's imposition of a 30 per cent tax on cryptocurrency and a 1 per cent tax deduction at source for each crypto trade. This led to a significant drop in trading volume on local crypto exchanges, prompting Indian users to flock to foreign platforms to avoid the high tax rates.

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The Indian Finance Bill 2022, approved by parliament in March 2022, introduced modifications to tax regulations, instituting a 30 per cent tax on cryptocurrency holdings and transfers. Notably, traders are unable to offset losses against profits, and each trading pair is treated separately for tax calculations.

Binance South Asia acknowledged the app blockage in India on X (formerly Twitter), assuring users that their accounts and funds remain secure. 

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Published January 15th, 2024 at 12:30 IST

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