Tech company Apple has removed the world's largest cryptocurrency exchange Binance from its App Store. Along with this, the company has also removed other apps like Kucoin and OKX.
Let us tell you that on December 28, the Finance Ministry had sent a show cause notice to Binance, Kucoin, Hobi, Kraken, Gate.io, Bittrex, Bitstamp, mexc Global and Bitfinex for not following the country's money laundering law.
The ministry had said that these 9 virtual digital asset service providers have not registered and are breaking the laws of India and not following the local tax rules. The Finance Ministry had asked the IT Ministry to block their websites. After this, Apple has removed these apps from the App Store in India.
Google will also remove it soon
Apple has not removed these apps from Google Play Store. Android smartphone users are able to download and use these apps. If media reports are to be believed, Google may also remove these apps from the Play Store soon.
Binance was started in 2017
Binance was a crypto-exchange launched in 2017. Binance has several cryptoexchanges in its ecosystem that it has acquired and built. Apart from this, it also has its own cryptocurrency, several crypto wallets and a launchpad to launch new cryptocurrencies.
CEO had resigned
Two months ago, Binance founder and CEO Changpeng Zhao had to resign from his own company. He has been found guilty of breaking US anti-money laundering laws. Zhao will not be able to hold any management position in the company for the next 3 years. The Justice Department, the Treasury Department, and the Commodity Futures Trading Commission had been investigating the company for years.