Google Has Withdrawn Crypto Applications Like Binance

Google Has Withdrawn Several International Cryptocurrency Applications, Including Binance And Kraken, From Its Play Store In India

In India, Google removed a few foreign cryptocurrency apps like Binance and Kraken from its Play Store last week. This follows allegations that the applications were operating without proper authorization. The FiU had earlier, in December 2023, sent out notices to nine global crypto exchanges claiming they were running their businesses illegally in India. Consequently, Google has taken down many cryptocurrency exchange applications from its local Play Store. Earlier, Apple had done the same when it removed these applications, including those nine banned crypto apps, from its App Store for Indian users.

The FIU asked MeitY to block the IP addresses of these nine exchanges, namely Binance, Kucoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfenex.com online addresses. This addresses potential violations of Anti-Money Laundering Law by the platforms as per the Indian regulations.

The FIU’s press release read that the show cause notices were issued to nine offshore VASPs under the PMLA Act 2002. All providers dealing with virtual digital assets must register as Reporting Entities with FIU India, irrespective of where they are. Such entities must adhere to specific requirements of the PML Act.

FIU India has observed that while they have registered 31 Virtual Digital Asset Service Providers (VASPs), many foreign entities serving major Indian user base have not. As such, they operate outside Anti Money Laundering (AML) and Counter Financing of Terrorism (CFT).

FIU India is the prime domestic agency concerned with suspicious financial activity detection and analysis. It shares this information with its counterparts in both national law enforcement and international Financial Intelligence Units.

India’s stance towards cryptocurrencies has been particularly stringent. The Reserve Bank of India stopped trading in cryptocurrencies five years ago, only for the Supreme Court to lift it later. However, even after this reversal, the central bank has consistently advocated banning cryptocurrency by calling virtual digital assets Ponzi schemes.

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