Today something happened and I came to know that the Binance app was removed from the iOS App Store in India. I was inquisitive to understand what was the problem or if Binance was already getting kicked out of India. After some time I received an email from Binance where they are acknowledging the issue and they said that they are aware and would like to solve this problem. This I think is great news. A few days back I wrote an article wondering what would be the situation in India after Binance is gone because of regulatory concerns. It is very nice to see this message today from Binance saying that they are interested in making the efforts required to establish a long-term sustainable business in India.
Binance is one of the biggest cryptocurrency exchanges in the world. It is being traded in many countries and especially a bigger contribution is from Indians too. Recently when the FIU notice happened, many people were scared to use international exchanges and wanted to get back to Indian exchanges. There was a huge spike in the number of users coming back to Indian exchanges. The main reason was because the situation was not very clear with Binance and they wanted to play a safe game. People would like to use an exchange that is compliant and safe to use than an international exchange that can create problems with their funds. What if one finds out that the crypto disappears from the account? (This reminds me that it has been a very long time since I checked the status of my assets on Binance)
I was expecting some sort of acknowledgment from the Binance side and what they are planning to do to answer the questions raised by the authorities from India. This email answers that question and I'm glad that people from India can now get back to Binance and continue using that because they are ready to solve the issues they have with FIU. There is still no clarity on what steps they will be taking. But only if they take some steps, the iOS App Store would be happy to load them back on their app.
We have not received any notification or any actions yet from Google on this. If the Indian government is pushing hard, there is a high chance that Binance might even go away from Google Play Store and gradually the ISP in India would also block it and make it unusable for the users. This email notification is a good thing but we cannot be sure that this alone is sufficient to continue our Binance usage.
Many people are going to foreign exchanges because they want to keep their funds away from the visibility of the government. If after this notice Binance agrees to provide all the data to the Indian Government, then it is a possibility that Binance might start losing users. Ultimately what people want is to have a decentralized exchange where they can do trading and transactions without any additional charges. Soon there can be a possibility for that. At least for now, this email is good news and Indians can have some hopes on Binance.
Many people go to international exchanges for a reason. The biggest concern for the traders in India is the high tax percentage on crypto. I don't think the intention would be to evade taxes.
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