Editor’s Note
This article reports on Apple’s removal of major cryptocurrency exchange apps, including Binance, from its App Store. The action follows regulatory scrutiny in several jurisdictions.
Tech giant Apple has removed Binance, the world’s largest cryptocurrency exchange, from its App Store. The company has also removed other apps like KuCoin and OKX.
On December 28, the Finance Ministry had issued show-cause notices to Binance, KuCoin, Houbi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex for non-compliance with the country’s anti-money laundering laws.
The ministry stated that these nine Virtual Digital Asset Service Providers had not registered and were violating Indian laws while also not complying with local tax regulations. The Finance Ministry had asked the IT Ministry to block their websites. Following this, Apple removed these apps from the App Store in India.
Unlike Apple, Google has not yet removed these apps from the Play Store. Android smartphone users are still able to download and use these apps. According to media reports, Google may also soon remove these apps from the Play Store.
Binance was founded in 2017 as a crypto-exchange. The Binance ecosystem includes several crypto-exchanges it has acquired and built. Additionally, it has its own cryptocurrency, several crypto wallets, and a launchpad for launching new cryptocurrencies.
Two months ago, Binance’s founder and CEO Changpeng Zhao had to resign from his own company. He was found guilty of violating US anti-money laundering laws.
Zhao will also not be able to hold any management position in the company for the next 3 years. The Justice Department, Treasury Department, and Commodity Futures Trading Commission had been investigating the company for years.
– US Attorney General Merrick Garland
– Treasury Secretary Janet Yellen in a statement
