Google Play Store in India blocks Binance, OKX in response to FIU notice
- topcryptonews
- Jan 15, 2024
- 1 min read
The FIU notice stated that any exchange providing services to Indian users must register as a “reporting entity” and submit statements to the income tax department. The FIU proposed that the Ministry of Electronics and Information Technology block the websites of the mentioned exchanges due to non-compliance.
Although Google’s Play Store blocked Binance and OKX, the Binance application and website are still available and working for existing users.
In a post on X (formerly Twitter), Binance South Asia said it is aware of the app blockage in India and assured users that their accounts and funds are safe.
After India imposed a 30% tax on crypto and a 1% tax deduction at source for every crypto trade, the volume on crypto exchanges plunged, and Indian users rushed toward foreign crypto exchanges to avoid the hefty tax regime.
The Indian Finance Bill 2022 was approved by parliament in March 2022, modifying tax regulations and creating a 30% tax on cryptocurrency holdings and transfers. Additionally, traders can’t offset losses against profits, and each trading pair is treated separately for tax calculations.
Cointelegraph reached out to Binance for comments but has yet to receive a response.