Apple and Google have removed several major crypto exchanges from their app stores in India after the Indian Financial Intelligence Unit flagged nine crypto service providers as operating illegally in the country... See more for yourself here (https://news.bitcoin.com/apple-and-google-remove-several-major-crypto-exchanges-from-app-stores-in-india-following-regulatory-crackdown/).
Your opinion is greatly appreciated.
These exchanges that illegally operate in India are not compliant, are not paying their dues, and do not have licenses so if ever there are scam reports India cannot revoke or make the exchanges answerable on the charges because they are illegal.This is how crypto exchanges are. They operate not legally in most countries, especially in African and Asian countries.
I don't understand what govt protecting its citizens from. I don't think these exchanges are harming citizens of India. in fact by blocking these apps and platforms Govt harming people themselves.Apple and Google have removed several major crypto exchanges from their app stores in India after the Indian Financial Intelligence Unit flagged nine crypto service providers as operating illegally in the country... See more for yourself here (https://news.bitcoin.com/apple-and-google-remove-several-major-crypto-exchanges-from-app-stores-in-india-following-regulatory-crackdown/).
Your opinion is greatly appreciated.
I think the move is right we're also doing it in our country in our case it is Binance, the Indian Financial Intelligence just wants to protect their citizen, and Apple and Google take sides with the government of India which is the right thing to do.
These exchanges that illegally operate in India are not compliant, are not paying their dues, and do not have licenses so if ever there are scam reports India cannot revoke or make the exchanges answerable on the charges because they are illegal.
In my country, these exchanges have no offices but people in my country are using them. Also with time, they will have to obey regulations to either have office or leave the country.They have opened an office in my country, but they are still operating with a temporary license. The problem is that protecting customer funds requires them to have an independent body where customer funds are stored so that the state guarantees the recovery of even 25% of the total deposits, which is something that these platforms do not like as they are based on hot money means that they take customer money and use it to expand.
This move is more beneficial to local CEXs but it can still be helpful to the citizens. In case of dispute/complaint, customers has an easier way of going after an exchange if it's licensed locally.~I don't understand what govt protecting its citizens from. I don't think these exchanges are harming citizens of India. in fact by blocking these apps and platforms Govt harming people themselves.
I think the move is right we're also doing it in our country in our case it is Binance, the Indian Financial Intelligence just wants to protect their citizen, and Apple and Google take sides with the government of India which is the right thing to do.
These exchanges that illegally operate in India are not compliant, are not paying their dues, and do not have licenses so if ever there are scam reports India cannot revoke or make the exchanges answerable on the charges because they are illegal.
a lot of peopl are making livings out of crypto, trading in various exchanges and in other ways. by blocking them govt simply stole their ways of earning money and making a living.The earning opportunity is not entirely gone since they still have licensed local CEX like WazirX. More fees are going to take away some of their trading profits though.
is there any good alternative to these exchanges in India to replace them? I don't think so.
That's true, the Indian government just made an advance move and didn't wait for any dispute to happen before they took action with the unregistered exchanges. It's better to protect the citizen as early as possible. If those CEXs don't want to lose some of their users, they will act immediately by registering their exchange in the said country.This move is more beneficial to local CEXs but it can still be helpful to the citizens. In case of dispute/complaint, customers has an easier way of going after an exchange if it's licensed locally.~I don't understand what govt protecting its citizens from. I don't think these exchanges are harming citizens of India. in fact by blocking these apps and platforms Govt harming people themselves.
I think the move is right we're also doing it in our country in our case it is Binance, the Indian Financial Intelligence just wants to protect their citizen, and Apple and Google take sides with the government of India which is the right thing to do.
These exchanges that illegally operate in India are not compliant, are not paying their dues, and do not have licenses so if ever there are scam reports India cannot revoke or make the exchanges answerable on the charges because they are illegal.
If there is no other way to convert cryptocurrency to cash, it would be acceptable to add a small fee. This is preferable rather than having restrictions on cryptocurrency usage in their country.a lot of peopl are making livings out of crypto, trading in various exchanges and in other ways. by blocking them govt simply stole their ways of earning money and making a living.The earning opportunity is not entirely gone since they still have licensed local CEX like WazirX. More fees are going to take away some of their trading profits though.
is there any good alternative to these exchanges in India to replace them? I don't think so.
This is the first time I will see Apple and Google stores making the right decision. However, I believe the reason why some cryptocurrency exchanges still operate illegally in some countries is something caused by the government due to their stance towards cryptocurrency in the country.You are right, these 9 firms should have accepted the policies of Indian authorities and should have registered with them just like other firms. People of India are already paying tax even if they are using these 9 firms but these firms are not paying any, so it would cause temporary problems to Indians but in the long run, this step will make things smooth for them and would be good.
The government ought to legalize crypto so that they will have the privilege to tax it.
I have read such news but I don't quite understand why Indian government is suddenly banning such big crypto exchange from their country. India is a large manpower country and India is quite advanced in terms of information technology and a large section of the Indian population is involved in cryptocurrencies. The Indian government knows that those involved in cryptocurrencies must be using other exchanges, including the Binance exchange. Indian government also knows that many users have deposited their money in other exchanges including Binance exchange but India has suddenly banned all these exchanges in their country which is really surprising.This would not be surprising for you if you know that these 9 exchanges did not registered with the Indian government that's why they have to ban these firm as these firms are given a lot of time but still they did not comply with the Indian policies about cryptocurrency. Indians must be frustrated from this mess but those who are aware of Binance must know that there funds are save.