Google Store and App store In India Remove Binance: Binance Addresses Users
Binance assures users of their funds' safety after its app is removed from India's Play Store and App Store, amid new crypto tax laws.
Google's Play Store and Apple's App Store in India have removed the apps of popular cryptocurrency exchanges Binance and OKX. This follows a warning from the Indian government about crypto activities.
On December 28, 2023, India's Financial Intelligence Unit told several crypto exchanges, including Binance and OKX, to register and follow financial rules. They were warned about operating illegally in India.
Even though Binance's app was removed, the exchange has reassured its users through a post, stating that their accounts and funds are safe.
India's new tax laws have made crypto trading more challenging. A 30% tax on crypto trades was introduced in March 2022. This has reduced trading volume on Indian exchanges, with traders looking for options abroad to avoid high taxes.
