Tuesday, 27 February 2024

Crypto News

Apple removes crypto exchange apps from App Store in India; implications for Pullix?

Apple removes crypto exchange apps from App Store in India; implications for Pullix?

  • Apple has removed Binance, Kraken, MEXC and Kucoin apps from its App Store in India.
  • Meanwhile, new exchange platform Pullix (PLX) continues to see great traction during its presale.
  • Trading on a hybrid exchange means users have access not just to liquidity, but also to all the robust security features that make top CEX platforms the industry’s choice.

As crypto looks to embark on a new bull run, news from India is that Apple has removed the crypto apps of several exchanges from its App Store. This comes just over a week after the Indian government issued warnings to the cryptocurrency exchanges for non-compliance.

What does this mean for local crypto traders? Could the emergence of new exchange platform Pullix (PLX) help unlock more for the market?

Apple removes apps after India government notice to exchanges

A Techcrunch report on Wednesday, January 10 highlighted that apps for Binance, Kraken, MEXC and Kucoin were among the eight no longer available in Apple’s App Store in the country.

The move follows compliance notices that the Financial Intelligence Unit India (FIU IND) issued to nine exchanges last December. 

Targeted exchanges were Binance, Kucoin, Huobi, Kraken, Gate, Bittrex, Bitstamp, MEXC and Bitfinex. The compliance notices outlined the regulator’s decision to block websites of these exchanges as they are not registered in the country.

FIU also said the exchanges’ operations do not comply with the Anti-Money Laundering (AML) and Counter Financing of Terrorism (CFT) regulatory framework.

Hybrid exchanges becoming popular

Amid this stance by the Indian government, global regulators and such, and with crypto still reeling from the collapse of FTX, decentralised exchanges (DEX) have emerged as crucial players. Non-custodial, on-chain and privacy are key features that continue to attract traders from centralised exchanges (CEXs) to DEXs.

However, things like high trading fees, price slippage, and more importantly liquidity issues mean a new type of exchange offering the best of both the CEX and DEX platforms is increasingly becoming popular. This new type of exchange is hybrid – its not centralised, but offers all that users have come to like about these platforms.

Users out to get the best of the two worlds – CEX and DEX – will find Pullix (PLX) a great platform to use. This is because, apart from offering a…

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