Crypto exchanges like Binance and Kraken were removed from the Play Store, on Jan 13.
Last month, the Indian government issued notices to several offshore cryptocurrency exchanges operating in India.
India Financial Intelligence Unit (FIU), in December 2023 announced it would block nine offshore cryptocurrency exchanges in India for not complying with the Prevention of Money Laundering Act.
In 2022, the Indian government started charging a 30% capital gains tax and 1% TDS which led to many exchanges moving their base to Dubai and Singapore.
Crypto exchanges have been facing regulatory issues in India for quite some time and are finding it difficult to operate in India.
2023 was a challenging year for many cryptocurrency exchanges in India as well as globally. Major exchanges like binance paid billions in fines to governments across the world.
Venture capital firms are not that optimistic about investing in crypto startups and globally $9.5 billion was invested last year.
The bankruptcy of FTX led to the downfall of the cryptocurrency investment last year.Â