In a significant move that reflects growing scrutiny of cryptocurrency operations, Google has removed several cryptocurrency-related applications from the Play Store in India.
The move follows a series of warning notices sent by the Indian Finance Ministry to nine virtual digital asset (VDA) service providers last month, citing possible violations of India’s anti-money laundering regulations. Apple Inc. previously took a similar move, pulling major foreign cryptocurrency exchanges such as Binance, Kucoin and OKX from the country’s App Store.
The crackdown affected several popular applications, including Binance, Kucoin, Houbi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex. These platforms reportedly operated without proper registration and compliance with local tax laws. In response to these allegations of corruption, the Treasury Department urged the Information Technology Department to block the URLs of these exchange websites and suspect them as channels for money laundering activities.
The Ministry of Electronics and Information Technology (Meity) implemented the removal of these apps on December 28 after a show-cause notice was issued. Google’s decision is seen as part of a larger plan to ensure compliance with policy standards. The Treasury’s Financial Intelligence Unit (FIU) has raised concerns about the potential misuse of these apps in money laundering schemes. Binance reacted Apple reassured users by removing the app from the App Store on January 10th.
Existing app users will not be affected. We will continue to work with regulators to resolve the situation and will share updates here.
Rest assured that your funds are SAFU.
Binance South Asia
The Ministry of Finance requires foreign and domestic VDA service providers to: India Must be registered with FIU-India and must comply with Prevention of Money Laundering Act, 2002 (PMLA). As a pivotal state agency, the FIU plays an important role in identifying and disseminating information about suspicious financial transactions.
Cryptocurrencies and blockchain applications are gaining traction for financial and investment purposes. The app offered cryptocurrency trading, portfolio management, and price tracking services. As these platforms grow in importance, regulators are becoming increasingly vigilant to ensure compliance and prevent misuse.
The removal of these applications from the Google and Apple app stores emphasizes that the tech giants are prepared to comply with authorities’ concerns. This move, which follows Treasury Department directives to restrict access to these apps and URLs, highlights the need for companies handling virtual digital assets to comply with local regulations and proactively address illegal activity.