The Play Store team has taken steps to restrict access to the apps and websites of cryptocurrency exchanges Binance and OKX in India. The move comes after India's Financial Intelligence Unit (FIU) identified these exchanges, as well as several others, as engaging in illegal activities in the country.
To comply with the rules set by the FIU, any exchange offering services to Indian users must register as a "reporting entity" and comply with the obligations set out in the Prevention of Money Laundering Act. While new market entrants face restrictions, existing customers of Binance and OKX can continue to use their services.
It is worth noting that this is not the first time such measures have been taken against cryptocurrency exchanges in India. Earlier, the #App Store removed apps from Binance and seven other cryptocurrency exchanges, further emphasizing the regulators' close attention to the industry.
Binance South Asia has responded to this development:
We are aware of new changes that have been introduced regarding crypto exchanges on the iOS App Store in India, impacting the Binance App.
The ongoing situation is not unique to #Binance and we remain committed to complying with local regulations and maintaining dialogue with… — Binance South Asia (@BinanceDesi) January 10, 2024
Note that the #Play Store team's decision to block access to #Binance and #OKX, along with the previous removal of cryptocurrency exchanges' apps from the App Store, reflects the increased regulatory measures applied to the cryptocurrency industry in India.
