Google pulled many crypto exchanges, including Binance and Kraken from its Play Store in India in January in what is the latest blow to the world’s second largest internet market’s already dwindling web3 dream.
The ban comes two weeks after these global crypto exchanges were flagged for operating “illegally” in the South Asian market. Financial Intelligence Unit (FIU), an Indian government agency that scrutinizes financial transactions, late last month issued show cause notices to nine crypto firms and alleged that they weren’t compliant with India’s anti-money laundering rules.
Apple pulled the apps earlier this week and various telecom networks and internet service providers began blocking the URLs of the crypto exchange websites Thursday evening.
FIU had asked India’s IT Ministry to block websites of all the nine services in India. Other exchanges whose apps have been pulled are Huobi, Gate.io, Bittrex, and Bitfinex.
“We are aware of an IP block affecting a number of crypto firms, including Binance. This only impacts users who attempt to access the Indian iOS app store or the Binance website from India,”
Binance said earlier Saturday before its Android app was pulled. Existing users who already have the Binance app are not affected. India has historically taken a tough stance on cryptocurrencies and the companies that enable their trading.The Reserve Bank of India implemented a ban on cryptocurrencies in the country about five years ago.
While this ban was eventually struck down by India’s Supreme Court, the central bank has persisted in advocating for outlawing crypto since then and its top officials have likened the virtual digital assets to a Ponzi scheme.
