Following the FIU announcement against unregistered crypto exchanges, smartphone manufacturer Apple has stopped supporting major crypto exchanges for Indian customers.
Apple is a popular smartphone company that is best known around the world for its luxury smartphones. The demand for its smartphones is the highest in India, compared to any other country, but unfortunately, Apple does not have a major physical presence in this country.
Recently, many Indian iPhone users noticed that many crypto exchange apps are not available on the Apple App Store. The deleted crypto apps are Binance, KuCoin, Kraken and MEXC. Perhaps some other crypto apps removed by Apple went unnoticed by people.
People who were already using these crypto apps will not experience any problems, but new iPhone users will obviously not be able to get the app from the app store and will likely have to use such platforms directly through a web browser.
Many iPhone users asked Binance to respond to this issue, but there was still no response from the Binance team.
Notably, two weeks ago, the Indian FIU unit sent notices to 9 crypto exchanges for not complying with the necessary AML measures.
At the time, the FIU’s message also confirmed that it would soon restrict access to the said crypto exchanges. In short, we can say that the FIU action is now visible after 2 weeks, but at a small level, as these crypto apps are available on the Google Play Store.
Impact of the FIU’s actions
Before the FIU’s warning against the unregistered crypto exchanges, majority of Indian crypto traders were investing in cryptocurrencies through foreign crypto exchanges, but after notification, the inflow of users and funds on local crypto exchanges increased by several folds.
It is worth noting that the crypto sector is completely unregulated under the jurisdiction of India, but all crypto exchanges must be registered with the FIU agency to prohibit the potential crypto-linked financial fraud activities.
Second, all crypto investors and companies must pay a 30% tax on the profits generated on each crypto transaction.
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