Binance and 9 other exchanges blocked from Apple’s app store in India

January 11, 2024 01:18 AM AEDT | By Invezz

Binance and 9 other exchanges blocked from Apple’s app store in India — Image source: Invezz

Move seeks to increase compliance with Indian laws

India’s decision comes even as the country steps up crypto regulation and focuses on bringing exchanges into compliance, including eradicating tax evasion. The move comes as Indian crypto traders shifted their investments to offshore exchanges after the country imposed taxes on digital asset incomes in 2022.

Under the law, Indians are required to pay a 30% tax on crypto holdings and transfers. Traders also incur a 1% tax at source for each crypto trade made.

The move targeting offshore exchanges aims to level the playing field even as India continues to push for global collaboration in regulating the crypto sector. Conversely, although India’s local exchanges have faced stringent requirements, including KYC procedures, foreign platforms have operated outside the same scrutiny.

Following India’s decision, Binance South Asia took to X to reassure that its existing users won’t be affected. Binance said it is working to comply with the local regulations, promising to work with the regulators to resolve the situation.

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

The post Binance and 9 other exchanges blocked from Apple's app store in India appeared first on Invezz

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