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Google Joins Apple in Removing Multiple Crypto Apps from Indian Market

1 Mins read
Google Joins Apple

In a significant move reflecting the growing scrutiny on cryptocurrency operations, Google has removed several major cryptocurrency trading applications from its Play Store in India. This comes following a series of directives from the country’s financial regulatory agencies cautioning virtual digital asset service providers over potential regulatory lapses.

Finance Ministry Flags Concerns

Google Joins Apple

Last month, the Indian finance ministry issued warnings to nine virtual digital asset firms, suspecting irregularities in their anti-money laundering protocols. The ministry asked the companies to register with India’s Financial Intelligence Unit and comply with all applicable domestic laws. It raised red flags about these apps potentially enabling money laundering and required technology companies to limit access to such applications.

Removals Affect Major Exchanges

Google Joins Apple

Google’s action has impacted applications from prominent cryptocurrency exchanges, including Binance, Gate.io, Bittrex, Kucoin, and MEXC Global. These platforms have been allowing Indian users to invest in over 1700 cryptocurrencies through trading, portfolio tracking and news services offered on their mobile apps. However, the exchanges now stand removed from the app store for lacking proper registration with Indian authorities.

Tech Giants Align with Regulators

In December, Apple had already pulled crypto exchange apps like Binance, Kucoin and OKEx from its App Store in India. By cleaning out these applications, both Google and Apple have demonstrated alignment with the government’s stance of reining in activities of unregulated virtual asset service providers. In the future, only platforms registered with the FIU and meeting domestic compliance standards will be permitted to offer crypto services in the country.

Scrutiny to Ensure Regulatory Compliance

Google Joins Apple

As the popularity of virtual currencies and decentralized finance rises, governments across the world are stepping up efforts to monitor these technologies. For India, moves such as blocking crypto exchange websites and removing unregistered trading apps indicate a heightened level of scrutiny. Regulated entities must abide by all compliance, taxation and anti-money laundering laws to continue operations. Such regulatory actions aim to curb illicit activities while allowing orderly innovation.

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About author
Monique Morgan is a seasoned financial analyst and cryptocurrency expert, well-versed in blockchain technology. With a proven track record of success, she excels in identifying profitable opportunities within the dynamic crypto market. Through her articles, guides, and educational resources, Monique shares her valuable insights and knowledge, empowering traders to make informed decisions. Her keen eye for market patterns allows her to navigate the volatile crypto landscape with confidence, making her a sought-after contributor to the Ailtra platform. Stay tuned for Monique's expert advice and perspectives on the ever-evolving world of cryptocurrencies.
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