Apple’s India App Store: Crypto Exchange Apps Removed

Apple has removed the apps of several major cryptocurrency exchanges from its App Store in India, following increased scrutiny by Indian authorities on foreign exchanges. This decision aligns with the country’s growing concerns about the potential risks of money laundering and terrorist financing associated with cryptocurrencies.

The tech giant’s action affects the Indian access to apps of global cryptocurrency exchanges including Binance, Kraken, Huobi, Gate.io, Bittrex, OKX, Bitfinex, and Bitstamp, as reported by TechCrunch. This step, however, has not impacted India-based exchanges such as CoinSwitch, CoinDCX, and WazirX, which reportedly comply with local anti-money laundering laws.

The purge of exchange apps from Apple’s App Store in India is notably selective, targeting only international players in the industry. In contrast, Google’s Android platform continues to host these apps on the Play Store. For iOS users in India who had already installed these exchange apps, there is no restriction on their continued use.

Government Action and Industry Response:

This development comes in the wake of the Financial Intelligence Unit (FIU) of India issuing notices in December 2023 to foreign exchanges for non-compliance with registration and KYC regulations. The FIU’s actions, perceived by some as part of a broader anti-crypto sentiment in India, have been defended by industry leaders like Nischal Shetty of WazirX, who views these measures as steps towards regulatory clarity and control in the digital asset space.

Implications of Apple’s Decision:

Apple’s removal of these crypto exchange apps underscores a growing trend of regulatory efforts to manage the cryptocurrency market, particularly in unregulated domains. However, it also highlights the challenges regulators face in effectively controlling digital asset activities, as crypto users often find alternative means to access these services.

While Apple’s decision reflects compliance with local regulatory demands, it also points to the broader challenges and complexities of governing the crypto industry. The situation in India serves as an emblematic case of the ongoing global dialogue on how to balance innovation in digital assets with regulatory oversight.