- Binance was among close to a dozen crypto exchange apps that Apple delisted from the App Store following a request by the Indian government in its renewed crackdown on foreign exchanges.
- Google has followed suit, delisting the apps from its Play Store, but Binance has reassured users that their funds are safe and that the ban doesn’t affect its existing users.
Your funds are safe despite the recent delistings from Apple and Google—this is the message leading crypto exchange Binance has for its users in light of recent turmoil for offshore exchanges in India.
India is the global leader in crypto and last year, it ranked first for adoption, centralized service value received and DeFi value received according to Chainalysis. However, in recent weeks, the government has initiated a crackdown on foreign exchanges.
Through the Ministry of Finance’s Financial Intelligence Unit (FIU), the government has demanded that all offshore exchanges obtain a license and start paying taxes like their local counterparts. To force their hands, the FIU demanded that Apple and Google delist the apps until they got the license. It’s also working to block their websites.
Apple went first, delisting apps for Binance, Kraken, KuCoin, Bittrex, HTX (formerly Huobi) and more last week. Google has now joined in, banning the same apps from its Play Store. Google’s ban is the bigger blow by far as Android accounts for over 95% of the Indian smartphone market.
Binance is reassuring its users that their funds are safe as tensions rise. The ban “only impacts users who attempt to access the Indian iOS app store or the Binance website from India. Existing users who already have the Binance app are not affected,” the company said recently.
Funds Are SAFU, Binance Reassures Indian Users
While Binance has come under scrutiny globally for flouting regulations, which ultimately led to the resignation of its founder and CEO Changpeng Zhao, it pledged its commitment to working with Indian authorities to forge a path forward.
“We remain committed to the adherence of local regulations and laws and we are dedicated to maintaining active communication with regulators to ensure user protection and the development of a healthy Web3 industry,” the company said.
In its email to Indian users, Binance further assured users that they wouldn’t be affected if they had installed the app. The ban will only impact new registrants.
The situation isn’t unique to Binance. Other global exchanges like Bittrex, Kraken and KuCoin have also been affected. They have all pledged to work with authorities to find a solution to the impasse.
But while the offshore exchanges complain, the local bourses are celebrating. These exchanges lost most of their clients to foreign rivals as the new 30% flat tax and 1% tax deducted at source (TDS) kicked in last year. Some like WazirX, which was reportedly owned by Binance, lost 97% of their trading volume.
The tables are now turning. WazirX says its deposit volume jumped 250% after December 28 when the government sent a ‘show-cause’ letter to 11 foreign exchanges. Another local exchange, Mudrex, says it has seen 30,000 new users since December 28.
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