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Google Play Store, the digital distribution service operated by Google, has removed Binance and OKX crypto exchange from its platform in India. Although it has blocked access to the said crypto exchanges, it was reported that Binance’s website and app are still available to Indian users.
According to CoinTelegraph, removing Binance and OKX from the Google Play Store was a response to the Financial Intelligence Unit (FIU) notice issued by the country’s Ministry of Finance to various crypto exchanges. The Indian financial regulator also sent notices to other significant names in the field, such as KuCoin, Bittrex, Bitstamp, Bitfinex, Kraken, Huobi, MEXC Global, and Gate.io.
Notice of Non-Compliance
The mentioned crypto exchanges, including Binance and OKX, have received a notice from India’s FIU for allegedly operating illegally in the country. The note was sent in the last week of December 2023.
Due to the notification of supposed non-compliance to the region’s finance ministry’s regulations, Google Play Store dropped Binance and OKX. This move comes not long after Apple’s App Store in India also blocked Binance and other crypto exchanges from its platform.
FIU’s notice stressed that any cryptocurrency exchange offering services to users in India must register as a “reporting entity.” They are also required to submit statements to the agency’s income tax department. At any rate, the FIU forwarded a proposal to the Ministry of Electronics and Information Technology, requesting the blocking of the exchanges’ websites.
Binance Reassures Indian Users After Blocked Access on Google Play Store
The crypto exchange’s South Asia unit recently addressed and confirmed the blockage and has taken steps to instill confidence in its user base amid the new regulatory issue. Moreover, with the removal of Binance’s app from the Indian version of the Google Play Store, the company reassured all its users that their funds and accounts are safe, as per Cryptopolitan.
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