khaskhabar.com : Wednesday, January 10, 2024 12:58 PM
New Delhi. Apple has removed some of the top global cryptocurrency exchanges like Binance and KuCoin from its App Store in India after the government issued show cause notices to crypto exchanges for not complying with money laundering laws and operating illegally in the country. .
The Financial Intelligence Unit under the Finance Ministry had last month issued show cause notices to nine offshore virtual digital asset service providers, including Binance, for operating in the country without complying with money laundering laws.
Apple did not immediately comment on the removal of these crypto exchanges from its App Store. These crypto apps will be available on Google’s Play Store.
Last month, the Finance Ministry had also asked the IT Ministry to block the URLs of these crypto companies as they are operating illegally in the country. Binance is already facing investigation in the US after being convicted of breaking anti-money laundering laws.
Binance chief Changpeng Zhao was forced to step down as part of a multibillion-dollar settlement following an investigation into the functioning of the world’s largest crypto exchange.
Offshore and onshore virtual digital asset service providers operating in India and engaged in activities including administration of virtual digital assets or instruments enabling exchange and transfer of fiat currencies and control over them, the Finance Ministry said. They are required to register with the Financial Intelligence Unit of India. Also, the provisions of Prevention of Money Laundering Act (PMLA) 2002 will have to be complied with.
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Web Title-Apple removes Binance and KuCoin cryptocurrency exchanges from its App Store in India