Apple removes Binance, OKX and Kucoin from App Store in India. - page 2.

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Quote from: Bureau on January 10, 2024, 09:30:51 PM

Binance yesterday accepted that the present issue of its app being blocked in India on the Apple store is related to the AML requirement. They are now willing to cooperate with the government of India and adhere to all regulations. This is an indication that if the Indian government asks for user details Binance will provide the information. I do not think that it will affect other Indian users in regards to tax or TDS as Binance does not operate on Indian soil. You can read the full statement on their X.com handle.

https://x.com/BinanceDesi/status/1744995162957513194?s=20

I checked Google play store today and all three apps are showing up, not sure for how long. CoinDCX has reported a surge in the volume after this incident. I am sure other Indian exchanges would be experiencing the same. This is not the right way to get volumes back to Indian exchanges. There would many users who would now start working to find other way out. The government is only creating more problems to themselves than solving the issue.

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Binance yesterday accepted that the present issue of its app being blocked in India on the Apple store is related to the AML requirement. They are now willing to cooperate with the government of India and adhere to all regulations. This is an indication that if the Indian government asks for user details Binance will provide the information. I do not think that it will affect other Indian users in regards to tax or TDS as Binance does not operate on Indian soil. You can read the full statement on their X.com handle.

https://x.com/BinanceDesi/status/1744995162957513194?s=20

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Quote from: Bitcoin Smith on January 10, 2024, 10:29:46 AM

Quote from: pakhitheboss on January 10, 2024, 05:56:15 AM

I am still able to access my Binance app on my mobile phone and can see it on Google Store. I read the article and they are saying they have not been able to get an answer as to why these apps were removed. Let's wait and watch and not come to any conclusion as money control does have a bad reputation when it comes to crypto.

I haven't done my research about it yet but I can possibly give an answer based on the previous instances happened.

If the apps removed from the app store then it's probably because Indian government asked the Apple and told them to take down the apps for whatever reason it can be and remember when India banned Chinese apps few years back?

The app will still work and probably for even months, so we don't have to worry about moving funds if there is any in Binance because the exchange will send notice if there is an actual ban and users will be requested to withdraw the balance followed by deadline.

Maybe in a day or two it won't be available on PlayStore too.

I am still hoping that what you said is true. I was going trough some post on the same topics on reddit and there was a panic. A lot of Indians do not use Apple products so it is not that serious for now. If Google starts blocking these apps then we will see the market going into red and especially the altcoins.

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India's government seems serious about its laundering law. as long as they are not blocked from accessing binance and the rest on web browsers i think they are just fine.

Quote from: kentrolla on January 10, 2024, 09:58:53 AM

I don't trust moneycontrol but I have seen this in numerous news articles that these exchanges has been removed due to non compliance in accordance with India's money laundering law. This is a concern to be honest because what if same is followed by Google Play store and if they start targeting all the international exchange. But it's too early to arrive at any conclusion let's wait for sometime and see how this evolves.

i have the same feeling that it will also happen in my country where users are forced to use the local exchange that is backed by the government. if they can't monitor local users because they are using the international exchange then it would make sense for the government to shut them.

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Quote from: pakhitheboss on January 10, 2024, 05:56:15 AM

I am still able to access my Binance app on my mobile phone and can see it on Google Store. I read the article and they are saying they have not been able to get an answer as to why these apps were removed. Let's wait and watch and not come to any conclusion as money control does have a bad reputation when it comes to crypto.

I haven't done my research about it yet but I can possibly give an answer based on the previous instances happened.

If the apps removed from the app store then it's probably because Indian government asked the Apple and told them to take down the apps for whatever reason it can be and remember when India banned Chinese apps few years back?

The app will still work and probably for even months, so we don't have to worry about moving funds if there is any in Binance because the exchange will send notice if there is an actual ban and users will be requested to withdraw the balance followed by deadline.

Maybe in a day or two it won't be available on PlayStore too.

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I don't trust moneycontrol but I have seen this in numerous news articles that these exchanges has been removed due to non compliance in accordance with India's money laundering law. This is a concern to be honest because what if same is followed by Google Play store and if they start targeting all the international exchange. But it's too early to arrive at any conclusion let's wait for sometime and see how this evolves.

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Quote from: Bureau on January 10, 2024, 05:13:03 AM

Bad news coming for those who have been trading on Binance, OKX, and Kucoin. Apple has removed these three exchange apps from its app store, the news that is being circulated in the mainstream media says that the move comes days after nine offshore virtual digital asset services providers were sent show-cause notices for AML. The blocking orders were sent 10 days back to Apple however they are still showing on Google Play Store. I did check that the Binance app is working fine on my mobile phone and I think it would be a good idea for anyone who has funds in the Binance wallet to transfer them to a personal wallet.

If it's because of the recent AML regulation policies then they should be banning these exchanges from google play store as well as restrict access to the websites.
That isn't happening now because we are still able to access the apk and URL and so I think the reason might be different.

pakhitheboss

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I am still able to access my Binance app on my mobile phone and can see it on Google Store. I read the article and they are saying they have not been able to get an answer as to why these apps were removed. Let's wait and watch and not come to any conclusion as money control does have a bad reputation when it comes to crypto. They have again written that the information was provided to them by a source, Indian media always rely on their source and tend to publish wrong information constantly. Last year Apple removed Metamask from their app store and it was later on restored back, at that time everyone was jumping to a negative conclusion causing FUD.

Bureau

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Bad news coming for those who have been trading on Binance, OKX, and Kucoin. Apple has removed these three exchange apps from its app store, the news that is being circulated in the mainstream media says that the move comes days after nine offshore virtual digital asset services providers were sent show-cause notices for AML. The blocking orders were sent 10 days back to Apple however they are still showing on Google Play Store. I did check that the Binance app is working fine on my mobile phone and I think it would be a good idea for anyone who has funds in the Binance wallet to transfer them to a personal wallet.

Topic: Apple removes Binance, OKX and Kucoin from App Store in India. - page 2. (Read 278 times)