Binance Assures Safety Of Indian Users’ Accounts And Funds After Apple’s Delisting

In the wake of tech giant Apple delisting at least three offshore crypto exchanges, including Binance, from its India app store, the latter has assured its users that their accounts and funds are secured.

“Existing users can continue to use the current version of the app. We are working hard to engage in constructive policy-making that seeks to benefit every user and all market participants,” Binance said in a statement.

The crypto exchange also said it remains committed to adhering to local regulations and fostering ongoing communication with regulators globally.

“The ongoing situation is not unique to Binance and we remain committed to complying with local regulations and maintaining dialogue with regulators worldwide to ensure the continued availability of our services,” the platform told its users.

Despite challenges, the company remains optimistic about the potential of the Indian market.

“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,” it said.

Earlier this week, Apple delisted Binance, along with Kucoin and OKX, from its India app store after the finance ministry issued show cause notices to nine virtual digital asset (VDA) service providers for not complying with provisions of anti-money laundering laws.

The show cause notices were issued to the overseas platforms for not registering as reporting entities with the Financial Intelligence Unit (FIU). Thereafter, the unit also wrote to the Ministry of Electronics and Information Technology (MeitY) to block the websites of these nine entities.

The government is reportedly mulling further action, including a potential ban on Indian operations of overseas cryptocurrency apps, such as Binance, if they are found guilty under the Prevention of Money Laundering Act (PMLA).

Meanwhile, the central bank remains staunch about its stance on crypto. Last October, Reserve Bank of India (RBI) Governor Shaktikanta Das reiterated the central bank’s unwavering stance on a cryptocurrency ban, emphasising that there has been no change in their position.

Despite substantial regulatory challenges, India surprisingly claimed the top position in Chainalysis’ 2023 Global Crypto Adoption Index. This represents a rebound from the previous year when India had slipped to the fourth spot in Chainalysis’ 2022 adoption index.

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