Binance, the largest cryptocurrency exchange in terms of daily trading volume, has assured its Indian users regarding the safety and security of their accounts and funds.

The move follows the delisting of several major crypto service providers from Apple’s app store, including Kucoin and OKX.

Cupertino, California-based Apple said the decision was made in response to a show-cause notice from India’s Finance Ministry regarding non-compliance with the country’s money laundering laws.

Binance, which has no official headquarters, claims India has the highest number of crypto users in the world.

Binance commits to compliance

Following Apple’s removal of at least three offshore crypto exchanges from its India app store, Binance penned a blog post confirming the situation to its Indian customers.

The firm clarified that the restriction only affects users trying to access the Indian iOS app store or the Binance website from India.

Notably, existing users with the Binance app are reported to be unaffected by the restriction.

The crypto exchange also reaffirms its commitment to adhering to local regulations and maintaining ongoing communication with regulators globally.

Despite facing challenges, Binance expresses optimism about the potential of the Indian market. The company acknowledges that the current situation is not unique to Binance and underscores its dedication to compliance with local regulations, along with a sustained dialogue with regulators worldwide to ensure the continued availability of its services.

Earlier this week, Apple delisted Binance, Kucoin, and OKX from its India app store following show-cause notices previously issued by the country’s Finance Ministry to nine virtual digital assets (VDA) service providers. 

These notices cited non-compliance with anti-money laundering laws, prompting the Financial I

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Author: Ogwu Osaemezu Emmanuel

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