In a sudden blow to the burgeoning Indian crypto scene, Apple has removed three major crypto exchange apps – Binance, Kucoin, and OKX – from its Indian App Store. This dramatic move, citing non-compliance with local regulations, has sent shockwaves through the industry and fueled fears of wider regulatory crackdowns.
The delisting, which happened without prior warning, saw millions of Indian crypto users locked out of their preferred platforms. Binance, the world’s largest crypto exchange, had amassed a sizeable Indian user base, making its disappearance particularly jarring.
Apple’s action aligns with India’s recent tightening of regulations surrounding virtual digital assets (VDAs). In December, the Finance Ministry issued show-cause notices to nine offshore VDA service providers, including these three exchanges, for alleged violations of anti-money laundering (AML) laws.
India’s crypto community is now abuzz with concerns. “This removal is a major setback for crypto accessibility in India,” lamented Rohan Dua, co-founder of crypto education platform BlockTalks. “The lack of clarity from Apple and the government is creating a climate of fear and uncertainty.”
Experts point out that while regulatory compliance is crucial, the suddenness of the App Store ban raises questions about transparency and due process. “India has the potential to be a global leader in crypto, but inconsistent and opaque regulations will only stifle innovation and drive investments away,” remarked Pooja Jaising, partner at crypto law firm Athena Legal.
The industry now awaits further clarification from both Apple and the Indian government. Whether this is a temporary glitch or a harbinger of stricter regulations remains to be seen. However, one thing is clear: the path forward for crypto in India has become considerably more complex.
