Crypto Clampdown: India's Latest Ban Hits Big Players Including Binance
January 14, 2024

“Guess what’s cooking in India? The heat’s turning up on crypto exchanges, and not in a good way. Nine big names, including the mighty Binance, are facing a widening ban. Their apps have been booted out of the Google Play Store now. Talk about being unwelcome!

Remember December? When India’s Financial Intelligence Unit (FIU), cozied up with the Ministry of Finance, asked the IT Ministry to block websites of cool kids like Binance, KuCoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC, and Bitfinex? Yeah, those apps got the boot from the App Store after that. And now, as of today, no more Play Store for them. So much for easy access!

Here’s a juicy bit: 95% of Indians use Android phones. With this ban, those apps are now off-limits on the Play Store. Talk about making an impact!

FIU’s throwing some serious shade, claiming these nine crypto exchanges aren’t playing by India’s anti-money laundering rules and are illegally partying it up in the country. They’re like, ‘Hey, you gotta register with us, keep records, and report stuff regularly.’ But apparently, these exchanges didn’t get the memo. Out of 31 companies registered with FIU, some major players serving Indian users didn’t bother. Tsk, tsk.”