Google Removes Crypto Apps From Playstore In India

January 15, 2023

January 14, 2023

January 14, 2023

Image Credit: Pinterest

By Pooja

Show cause notice to nine offshore exchanges, including Binance and Kraken, alleging unauthorized operations in India.

Image Credit: Pinterest

Show Cause Notice 

Google and Apple removed several crypto exchange apps, including those of the banned nine, from their Play Store and App Store in India.

Image Credit: Pinterest

App Removal by Google and Apple

Binance, Kucoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfenex.

Image Credit: Pinterest

Exchanges Include

Suspected violations of Indian anti-money laundering regulations by the mentioned exchanges.

Image Credit: Pinterest

Reasons for Action

Under Section 13 of the Prevention of Money Laundering Act, 2002 (PMLA).

Image Credit: Pinterest

Compliance Show Cause Notices

Entities dealing with virtual digital assets must register with FIU India as a 'Reporting Entity.'

Image Credit: Pinterest

Registration Requirements

Traditionally stringent; RBI imposed a cryptocurrency ban (overturned by Supreme Court), ongoing support for outlawing cryptocurrencies citing concerns of a Ponzi scheme.

Image Credit: Pinterest

India's Cryptocurrency Stance