Following the FIU notice against unregistered crypto exchanges, smartphone manufacturer Apple terminated support for major crypto exchanges for Indian customers.
Apple is a popular smartphone company which is mainly known for its luxurious smartphones across the whole world. Demand for its smartphones is highest in India, over any other country, but sadly Apple has no big physical presence in this country.
Recently many Indian iPhone users noted that many crypto exchange apps are unavailable in the Apple app store. The removed crypto apps are Binance, KuCoin, Kraken, and MEXC. Maybe some other crypto apps that were removed by Apple remained unnoticed by people.
People who were already using these crypto apps are not facing any problems but obviously, new iPhone users can’t get the app on the app store & probably they will be required to use such platforms directly via a web browser.
Many iPhone users asked Binance to respond on this matter but still, no response came from the Binance team.
Notably, two weeks ago, the Indian FIU unit sent a notice to 9 crypto exchanges for not complying with the necessary AML measures.
At the time, FIU’s notice also confirmed that it would restrict access to the mentioned crypto exchanges soon. In short, we can say that FIU’s action is now visible after 2 weeks but at a small level, as these crypto apps are available on Google Play Store.
Impact of FIU action
Before FIU’s notice against the unregistered crypto exchanges, the majority of the Indian crypto traders were investing in cryptocurrencies via foreign crypto exchanges but after notice, the inflow of users & money on local crypto exchanges surged by multiple folds.
It is worth it to note that the crypto sector is fully unregulated under the jurisdiction of India but all the crypto exchanges are required to be registered with the FIU body, to prohibit the potential crypto-linked fraud financial activities.
Secondly, all the crypto investors & companies are required to pay a 30% tax against the profit generated on every crypto transaction.
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