In December last year, a notice was sent by the Government of India to popular cryptocurrency exchanges in which they were asked to give reasons as to why they were operating incorrectly in the country. Actually, all these apps were not following the tax rules. On December 28, the government had sent a warning notice to Binance, KuCoin, Howbie, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global and Bitfinex.
Now taking action on this matter, Apple has removed the world’s popular cryptocurrency exchange app Binance from the App Store. This app is used by more than 150 million people worldwide and it allows people to deal in major cryptocurrencies like Bitcoin, Ethereum etc. Apart from this app, Apple has also removed Kucoin and OKX from the App Store. Apple has taken this step after the warning given to 9 companies by the Finance Minister. The Finance Minister had asked these apps to follow money laundering laws which these apps have been ignoring for a long time. Along with this, the Finance Ministry had also asked the IT Ministry to block the URLs of these websites in the country.
At present, Apple has removed these apps from the App Store. Although these apps are still available on Google Play Store. Soon Google may also take action against them.
Case already going on in America
Let us tell you, a case is already going on against Binance in America. Here also the company had violated money laundering laws. After being found wrong in the investigation, Binance chief Changpeng Zhao had to step down as part of a multi-billion dollar settlement and was replaced in November last year by Richard Teng, who was previously the head of regional markets.
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