With the app loaded and on the web, old users can still access and use the FIU-notified cryptocurrency exchanges, even though Google Play Store has blacklisted them.
Google has eliminated several offshore exchanges, including Bitget, Huobi, OKX, Gate.io, MEXC, KuCoin, Binance, and Bitget, from the Play Store in India. Delisting of the same apps from the Apple App Store in India was preceded by their removal. Since these apps were removed, no new users in India can access them due to the government’s noncompliance notification.
Dec. 28, 2023: Binance, Huobi, Kraken, Gate.io, KuCoin, Bitstamp, MEXC Global, Bittrex, and Bitfinex received a notification for operating illegally in India from the Financial Intelligence Unit (FIU) of the Indian Ministry of Finance.
Any exchange offering services to Indian users is required under the FIU notice to register as a “reporting entity” and provide statements to the income tax department. Due to non-compliance, the FIU suggested that the Ministry of Electronics and Information Technology disable the websites of the exchanges listed.
The FIU-notified cryptocurrency exchanges are still accessible and functional for older users who have the app installed and are using the website, even if Google Play Store has blacklisted them.
Binance’s Asia-focused X handle posted on the X platform suggesting that they are aware of the app restriction in India and ensured the protection of Indian users’ accounts and payments after Apple’s delisting..
Crypto exchange volumes fell after India imposed a 30% crypto tax and a 1% tax deduction on each trade, leading Indian consumers to switch to overseas exchanges in order to avoid the high tax rates. The goal of the latest action is to limit the usage of foreign exchanges.
India’s Finance Bill, which would change tax laws and impose a 30% tax on cryptocurrency ownership and transactions, was introduced during the budget session of Parliament in January 2022–2023. Moreover, traders cannot deduct losses from profits, and tax calculations regard each trading pair differently.