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Google Removes Binance, Kraken and Unauthorised Crypto Apps in India
Google responds to allegations of unauthorised operations by removing Binance, Kraken, and other foreign crypto apps from the Play Store in India.
In response to allegations of unauthorized operations, Google has removed several cryptocurrency exchange apps, including Binance and Kraken, from the Play Store in India. This action follows a show cause notice issued by the Indian Finance Ministry's Financial Intelligence Unit (FIU) to nine offshore cryptocurrency exchanges at the end of December 2023.
The FIU accused these exchanges, which also include Kucoin, Huobi, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfenex, of engaging in unauthorized operations within India. The FIU had requested the Ministry of Electronics and Information Technology (MeitY) to block the URLs of these exchanges within India, citing suspected violations of anti-money laundering regulations.
“As part of compliance action against the offshore entities, Financial Intelligence Unit India (FIU IND) has issued compliance Show Cause Notices to following nine offshore Virtual Digital Assets Service Providers (VDA SPs) under Section 13 of the Prevention of Money Laundering Act, 2002 (PMLA),” FIU said in its official notice.
As part of compliance action, FIU issued show cause notices under the Prevention of Money Laundering Act to the mentioned offshore Virtual Digital Assets Service Providers (VDA SPs). Compliance with the specified requirements of the Act is mandatory for entities dealing with virtual digital assets.
While 31 Virtual Digital Asset Service Providers have registered with FIU India, several foreign entities, catering to a significant user base in India, have evaded registration, operating outside the Anti Money Laundering (AML) and Counter Financing of Terrorism (CFT) framework.
The FIU India, functioning as the principal national organization for combating illicit financial transactions, shares information with both domestic and international enforcement agencies. India has maintained a strict stance on cryptocurrencies, with the Reserve Bank imposing a ban five years ago, later overturned by the Supreme Court. However, concerns persist, with officials likening virtual digital assets to Ponzi schemes. Last week, Apple also removed these banned crypto apps from its App Store in India, aligning with the regulatory crackdown.
