- Binance, OKX apps removed from Google, Apple stores due to PMLA non-compliance.
- Indian traders flock to compliant platforms like WazirX, CoinSwitch Kuber, post-app removals.
- Pullix’s PLX presale gathers steam fueled by its innovative trade-to-earn model.
In a significant turn of events, Google and Apple have removed major cryptocurrency exchanges from their app stores in India. This move follows heightened regulatory scrutiny by the Financial Intelligence Unit of India (FIU-Ind).
Meanwhile, Pullix, an emerging trading exchange, is making waves with its ongoing PLX token presale, offering unique features and a game-changing revenue-sharing mechanism.
Pullix: hybrid crypto trading platform
Pullix, an innovative hybrid trading exchange currently conducting the presale of its native token, PLX, is making waves in the cryptocurrency space as popular exchanges face the wrath of regulatory authorities.
Ushering in a new era of trading experiences. The PLX token stands out as the market’s first “Trade-to-Earn” cryptocurrency, allowing users to earn instant rewards for trading on the platform and completing challenges.
The PLX presale is generating significant interest, with analysts predicting a 580% rise in the presale and a potential 100x increase on launch. The presale is in its sixth stage and the price has risen considerably from the initial price of $0.04 to its current price of $0.08.
As the presale progresses, investors and traders are drawn to the PLX token’s unique revenue-sharing mechanism. Holders have the opportunity to profit from the daily revenue of the exchange, earning a fixed passive income by providing liquidity to automated market makers once the exchange launched later in January. This approach sets Pullix apart, offering a reliable source of income in the volatile crypto landscape.
India’s crypto clampdown: Google and Apple remove exchanges
The crypto landscape in India is undergoing a seismic shift as major exchanges face removal from both the Google Play Store and Apple App Store. Binance, OKX, KuCoin, and others have been blocked following notices from the FIU-Ind, stating that these exchanges are operating illegally without registering as reporting entities under the Prevention of Money Laundering Act (PMLA).
This regulatory action is part of a broader effort to bring offshore crypto exchanges into compliance with Indian regulations. The FIU-Ind’s notices, issued on December 28, 2023, highlighted concerns about money laundering activities on these platforms.
The Indian government has escalated its measures by urging the Ministry of Electronics and Information Technology to block the URLs of these exchanges, compelling them to register their services in India. The removal of these apps from app stores has impacted users’ access, marking a significant development in India’s stance on cryptocurrency trading.
Impact on Indian traders
India’s stringent regulatory environment, including a 30% capital gains tax and a 1% transaction levy, had prompted many Indian crypto traders to seek refuge on global platforms. However, the recent clampdown has resulted in a reverse trend.
With Google and Apple restricting access to major international exchanges, Indian traders are turning to domestic platforms like WazirX, CoinSwitch Kuber, and CoinDCX. These platforms, compliant with India’s anti-money laundering regulations, have witnessed a surge in registrations.
WazirX, for instance, reported a remarkable 250% surge in deposit inflows within four days of the FIU-Ind’s compliance notice to foreign exchanges. While this shift indicates a return to local platforms, it also leaves many Indian investors with assets stuck in the wallets of blocked foreign exchanges.
As India tightens its grip on cryptocurrency regulations, global exchanges are feeling the impact, leading to their removal from major app stores. The simultaneous rise of domestic platforms signals a shift in traders’ preferences, driven by regulatory compliance and the need for a secure trading environment.
Pullix’s PLX token presale adds an intriguing layer to the evolving crypto landscape, providing users with innovative opportunities for trading and earning in a market undergoing significant regulatory transformation.