Bharat Ban Binance Kraken Extra Main Crypto Alternate Apps in Apple Collect All Main Points

Apple’s App Collect is not showing many foreign Crypto exchanges like Binance and Kraken in India till January 10, till January 10. Several members of the Crypto Community of India posted screenshots of their Apple Collect search on X, which showed no results on the app store. This has happened when the Government of India is paying great attention to ensuring that all the crypto companies working in the country are registered with the officials concerned.

The incident of overnight disappearance of these foreign exchange from the App Collect occurred about a week after the Government of India issued a notice to seek updates on their legal compliance conditions. At that time, the Indian Financial Intelligence Unit (FIU) urged the government to ban these crypto exchanges until they show how much they have compared to India’s Crypto laws.

Members of India’s Crypto Community are actively discussing the reasons and warnings behind the disappearance of these apps from Apple’s ecosystem in India. Along with Binance and Kraken, Mexc, Huobi and Gate.io are also not visible on searching.

This step seems to be a part of the regular efforts that India is making aimed at removing the concerns related to tax evasion regarding the Crypto region.

Last year, after India taxing the crypto income, many Indian traders decided to transfer their deposit to offshore international exchanges. Indians have to pay 30 percent tax on all crypto earnings and 1 percent TDS on all crypto transactions. As soon as these laws came into force in 2022, the Indian Crypto exchanges recorded a decline in trading volumes.

The government now wants to reduce the margin of misuse of crypto for criminal activities and quietly promote the use of native exchanges.