Less than 24 hours after access to web platforms of crypto wallets such as Binance was cut off for Indian users, their apps were also taken down from Google Play Store. Though there was no official communication from the government, electronics and information technology ministry officials said the move to direct Google to take down these apps followed the finance ministry’s inputs that these platforms are being allegedly used for money laundering.
The government had barred Indian users’ access to web platforms of foreign cryptocurrency exchanges and virtual digital asset service providers such as Binance, Kucoin and OKX, with the electronics and IT ministry issuing orders to take down the Android apps of these platforms. The iOS store apps of these platforms have already been taken down, following an order issued by the ministry last week.
Based on inputs from the finance ministry’s Financial Intelligence Unit (FIU), it was suggested that these platforms may have been used for money laundering. The FIU had issued notices to Binance and eight other cryptocurrency exchanges, asking them to explain their operations in India and recommending to the IT ministry that access to the platforms’ URLs be blocked. The notice gave these platforms two weeks to respond, which lapsed on Friday. It had sent notices to Binance’s Seychelles, Cayman Islands, Switzerland, and Singapore offices, as well as to the eight other exchanges from which responses were sought.
The iOS store apps of these platforms have already been taken down, following an order issued by the ministry last week. The action against these digital asset service providers taken over the past fortnight was based on inputs from the finance ministry’s Financial Intelligence Unit (FIU), which suggested that these platforms may have been used for money laundering.
The FIU had issued notices to Binance and eight other cryptocurrency exchanges on December 28, asking them to explain their operations in India, since they were operating without permissions and were not following the laws required to prevent money laundering. The FIU had also recommended to the IT ministry that access to the uniform resource locator (URL) of these platforms be blocked.
The FIU’s notice gave these platforms two weeks to respond, which lapsed on Friday. It had sent notices to Binance’s Seychelles, Cayman Islands, Switzerland and Singapore offices. The eight other exchanges from which responses were sought were Kucoin, Huobi, OKX, Gate.io, Bittrex, Bitstamp, MEXC Global and Bitfinex.
Tax Concept is a dedicated team of financial writers, legal analysts, and tax professionals committed to breaking down complex Indian corporate updates. From real-time GST amendments and crucial Income Tax judgements to EPFO schemes and corporate law updates, TaxConcept serves as a reliable, authoritative guide for chartered accountants, businesses, and everyday taxpayers seeking absolute compliance clarity.