Binance Addresses User Concerns During Regulatory Challenges in India

In the aftermath of Apple’s app store delisting many major crypto service providers, including Kucoin and OKX, Binance, the world’s top cryptocurrency exchange, has taken efforts to reassure its Indian customer base on the security of their accounts and cash.

The action was taken after Cupertino, California-based Apple delisted cryptocurrency service providers due to their alleged noncompliance with money laundering regulations in India. India has been identified by Binance, which does not have an official headquarters, as the country with the most cryptocurrency users worldwide.

Binance’s Pledge to Regulatory Compliance

Binance addressed the problem for its Indian consumers in a blog post in reaction to Apple’s actions. The exchange made it clear that individuals trying to access the Binance website or the Indian iOS app store from India are the main targets of the ban. Existing Binance app users, meanwhile, don’t seem to be impacted.

Notwithstanding the obstacles presented by the regulatory environment, Binance restated its dedication to complying with local laws and maintaining open lines of contact with authorities throughout the globe. The exchange expressed confidence about the potential of the Indian market, noting that the current scenario is not unique to Binance.

Following show-cause warnings sent to nine virtual digital asset (VDA) service providers by India’s Finance Ministry, Apple delisted Binance, Kucoin, and OKX from its India app store earlier this week. The Financial Intelligence Unit (FIU) requested that the Ministry of Electronics and Information Technology (MeitY) disable the websites of these organizations after receiving warnings citing non-compliance with anti-money laundering regulations.

Indian authorities are reportedly considering taking further action, such as outlawing the international cryptocurrency applications like Binance, if it is determined that they breached the Prevention of Money Laundering Act (PMLA).

In spite of regulatory obstacles, Binance is dedicated to adhering to local laws and maintaining a positive relationship with authorities throughout the globe in order to guarantee the continuous provision of its services.