Apple pulls crypto apps from its App Store in India

Less than two weeks after most of these crypto firms were flagged for operating “illegally” in India, Apple has pulled apps of at least nine crypto exchanges, including Binance and Kraken, from its App Store in the country.

Manish Singh for TechCrunch:
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Financial Intelligence Unit (FIU), an Indian government agency that scrutinizes financial transactions, late last month issued show cause notices to nine crypto firms and alleged that they weren’t compliant with India’s anti-money laundering rules.

FIU had asked India’s IT Ministry to block websites of all the nine services in India. Other exchanges whose apps have been pulled are Huobi, Gate.io, Bittrex, and Bitfinex. Bitstamp, another offending exchange named by the FIU, was still operational on App Store in India, though the eponymous app of OKX had also disappeared.

Many Indian traders have switched to global cryptocurrency platforms in recent quarters in an apparent move to evade taxes. India began taxing virtual currencies last year, levying a 30% tax on the gains and a 1% deduction on each crypto transaction.

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MacDailyNews Take: Thou shalt not stop shoveling cash into bloated bureaucracies, lest they become starved of wealth to incinerate.

“Government is like a baby: an alimentary canal with a big appetite at one end and no sense of responsibility at the other.” – Ronald Reagan
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