Apple app store blocked Indian users from downloading 10 offshore crypto exchange apps. Major offshore crypto exchanges like Binance, Bitget, Huobi, OKX, KuCoin, Gate.io, MEXC, and 3 other crypto exchanges were blocked by the Apple app store.
Users who have already downloaded the app on their devices can use the app for now. Apple has not released a statement on the usage of existing app users on their devices.
On December 28, 2023, the Indian Ministry of Finance’s Financial Intelligence Unit (FIU) sent notices to 10 exchanges in India for not complying with Indian regulations.
The notice states that any crypto exchanges offering its services to Indian users must file their income statement with the income tax department of India and also should be registered as a “reporting entity”
The Financial Intelligence Unit has recommended the Indian Ministry of Electronics and Information Technology to block these offshore exchanges from operating in India. The exchanges were operating without proper compliance with the Indian Income Tax Department and other related departments.
The Indian government imposed a 30% tax on income generated from crypto profits and Indian users flocked to international crypto exchanges to trade. Local crypto exchanges like Zebpay, CoinDEX, Wazirx, and other exchanges took a beating in trade volume after this announcement.
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