Worldsfeed Tech Desk: 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.
In fact, 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 complying with 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.
These apps are still available on Google Play Store
Like Apple, Google has not yet removed these apps from the 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.
Binance founder guilty of breaking US anti-money laundering laws
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.
Binance became the biggest exchange due to crimes
US Attorney General Merrick Garland had said, ‘Because of its crimes, Binance became the world’s largest crypto exchange. It will now pay one of the largest corporate penalties in US history.
At the same time, Treasury Secretary Janet Yellen had said in a statement, ‘Binance knowingly allowed terrorists, cyber criminals and child abusers to flow money through its platform.’