In a significant move, Binance, one of the world’s leading cryptocurrency exchange platforms, has sent out an official communication to its Indian user base. This action comes in the wake of the company’s mobile application being removed from the App Store. Binance has made it clear that the company is going to comply with the Indian regulators and is betting big on India’s Web3 market.
Binance Offers Continued Access To Existing Users
Today, Apple removed apps from at least nine cryptocurrency exchanges, including Binance and Kraken, from its App Store in India. This decision comes shortly after these global firms were marked for allegedly operating without compliance in the country. The Financial Intelligence Unit, an Indian government body responsible for monitoring financial transactions, recently issued notices to these nine crypto firms for not adhering to India’s anti-money laundering regulations.
Shortly after the news of the app removals broke, Binance quickly responded to its Indian users with an emailed statement. Binance acknowledges the challenges posed by these new App Store policies and reassures its users of its commitment to compliance and cooperation with Indian regulations. The company pointed out that such regulatory scrutiny is not unfamiliar, having navigated similar situations in various countries successfully.
To clear doubts regarding the safety of user funds amid the ban in India, Binance assured its customers that existing users can continue to use the app’s current version seamlessly. Highlighting the proactive approach, Binance mentions its efforts to engage in constructive policymaking that benefits all users.
Binance’s Confidence In India’s Web3 Market
In the statement, Binance is showing confidence in India as a leading Web3 market. In the face of these challenges, Binance is exploring various avenues to establish a sustainable and long-term business presence in India. They assure their users that any updates or changes will be communicated promptly through their official channels.
Binance said, “We continue to bet big on India as a leading Web3 market and we are exploring all avenues to establish a long-term sustainable business in India.”
This shows that Binance is all set to re-enter the Indian cryptocurrency market, with plans to adhere to the regulations set by India’s Financial Intelligence Unit (FIU). Being the first among the nine delisted exchanges to respond to its Indian users, Binance sets itself to capture a substantial share of the global market through India. The potential launch of a region-specific platform, akin to “Binance India,” might further boost their user base in India.
In response to India’s 30% tax on crypto gains and 1% transaction deduction, many Indian traders turned to international crypto platforms, which often have less strict know-your-customer (KYC) requirements compared to local exchanges like CoinSwitch Kuber, CoinDCX, and WazirX.
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