Apple and Google Remove Several Major Crypto Exchanges From App Stores in India

[sirty143]

Apple and Google Remove Several Major Crypto Exchanges From App Stores in India Following Regulatory Crackdown

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.

Your opinion is greatly appreciated.

[robelneo]

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.

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.

[Charles-Tim]

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.

As government of each countries are having a tighter regulation, these exchanges may have no option than to either have office in the countries or not allowed to provide crypto services anymore in the countries with tighter crypto regulations.

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.

[Jamal Aezaz]

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.

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.

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.
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.
is there any good alternative to these exchanges in India to replace them? I don't think so.

[hugeblack]

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.
The good side is that more governments are understanding cryptocurrencies and Bitcoin.

[Zed0X]

~
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.

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.

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.

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.
is there any good alternative to these exchanges in India to replace them? I don't think so.

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.

[angrybirdy]

~
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.

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.

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.

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.

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.
is there any good alternative to these exchanges in India to replace them? I don't think so.

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.

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.

[Husires]

A good step and reduces customer losses because some may not know that the platform is banned or has restrictions in India. These platforms may allow customers to deposit their money, but problems will inevitably occur when they want to withdraw or when the platforms decide to defraud them. Then the judiciary will not help them, considering that these services are not licensed or illegal.
It would be bad if they removed decentralized exchanges or banned all cryptocurrency applications.

[yhiaali3]

India is considered one of the countries that use crypto the most, according to several statistics, although Bitcoin and cryptocurrencies are not yet legal in India, so it is natural for the Indian government to work hard to try to regulate this rapidly growing sector.

Basically, it is the fault of the Indian government. If they had put in place regulatory laws from the beginning instead of the ban, they would have been able to contain the chaos and also be able to collect taxes instead of these companies and users operating outside the laws.

[Positive]

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.
The government ought to legalize crypto so that they will have the privilege to tax it.

[Faisal2202]

After reading the news, few questions came to my mind if any indian is reading my post please answer these questions:

• Is only the website (URL) is blocked?
• If the apps are removed from the Play Store or Apple Store, then the downloaded apps are working or they are also blocked?

This whole thing is really bad for Indians, many people must be frustrated by this, as India is doing great in the crypto sphere, I have seen many good projects developed by Indians and how the Indian government made policies for crypto which ensures some trust among people to invest time and knowledge to develop new projects that would inflow money into country.

But unfortunately, these 9 exchanges did not comply with the policies set by the government, I mean why would these 9 firms did not comply, like the other 31 firms already complied with these policies by registering to FIU IND. I think Coinbase is also registered or not?

[ZAINmalik75]

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.
The government ought to legalize crypto so that they will have the privilege to tax it.

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.

Other than this, is this really the first time Apple and Google made such steps, or is it you saw it the first time? By the way, I also did not see such steps made by authorities ever before. There is one more thing that has made this impact so sure and that is Google and Apple have IT departments in India and they are operating within the country so they left no choice but to follow the Indian government's orders. This gives me goosebumps, what if such steps are made in our country, I guess it is better to use non custodial wallets for big amounts and not to store them on custodial ones.

[Litzki1990]

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.

[Hamza2424]

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.

I think Indians who can't withdraw funds from Binance can withdraw them via foreign friends or relatives, they can ask them to open there accounts and then send the funds to those exchanges which are registered with FIU of India.

[Z-tight]

The crypto exchanges have to register with the FIU-IND if the want to operate legally in India, i don't know why the exchanges are yet to do that and if the are willing to comply with the regulatory framework in India. Binance says existing customers who already have the app can still access their funds for now, but i don't know what is going to happen from now on and what the next step will be for these exchanges, if they will either stop offering their services to Indians or if they will comply with their regulations.