Following Apple’s steps, Google has also removed crypto currency applications from the Google Play Store application store such as Binance and OKEx.
The reason is because the application fails to comply with government regulations. Where the Indian financial regulator stated that these applications were operating illegally.
On December 28, 2022, India’s Financial Intelligence Unit issued a notice to Binance, OKEx, and several other global crypto exchanges directing them to register with Indian authorities.
The notification states that any exchange providing services to Indian users will have to register as a reporting entity and submit reports to the income tax department.
Such failure to comply with these regulations, the Ministry of Electronics and Information Technology blocked access to the exchange’s website.
Even though the application has been removed from the Play Store, Binance assured existing users that their accounts and funds remain safe and accessible as reported by Techviral from Crypto Times, Tuesday (16/1/2024).
The crackdown comes after India imposed a 30% tax on transactions and a 1% tax cut on trading last year, causing trading volumes to fall as users migrated to overseas exchanges with lower tax rates.
India approved this stringent crypto tax law in March 2022 in an attempt to regulate the rapidly growing crypto market. Each trade is taxed separately, losses cannot offset gains, and traders must report their holdings.
By taking down major global apps like Binance and OKEx, Indian authorities continued their efforts to control crypto trading and enforce local tax laws. The outcome remains uncertain for India’s growing crypto community.
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