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Apple app store in India blocks Binance and 9 other crypto exchanges.

Apple’s App Store in India has blocked Binance, KuCoin, Bitget, Huobi, OKX, Gate.io and MEXC crypto exchange apps weeks after the Indian government issued a noncompliance notice against nearly a dozen off-shore crypto exchanges. These exchange applications are no longer accessible to new users in India.

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Apple’s App Store in India has blocked Binance, KuCoin, Bitget, Huobi, OKX, Gate.io and MEXC crypto exchange apps weeks after the Indian government issued a noncompliance notice against nearly a dozen off-shore crypto exchanges. These exchange applications are no longer accessible to new users in India.

On Dec. 28, 2023, the Indian Ministry of Finance’s Financial Intelligence Unit (FIU) issued a notice to Binance, Huobi, Kraken, Gate.io, KuCoin, Bitstamp, MEXC Global, Bittrex and Bitfinex for illegally operating in India.

The FIU notice said that any exchange offering services to Indian users must register as a “reporting entity” and file statements with the income tax department. The FIU had recommended that the Ministry of Electronics and Information Technology block the mentioned exchanges’ websites for noncompliance.

Although Apple’s App Store blocks the FIU-notified crypto exchanges, these are still available on Google’s Play Store and web versions.

Indian crypto exchange CoinDCX founder Sumit Gupta took to X (formerly Twitter) to share his thoughts on the recent ban on foreign crypto exchanges. He shared a plan for investors looking to transition from noncompliant offshore exchanges to compliant Indian exchanges.

After India imposed a 30% tax on crypto and a 1% tax deduction at source for every crypto trade, the volume on crypto exchanges plunged, and Indian users rushed toward foreign crypto exchanges to avoid the hefty tax regime. Thus, the latest action would now prohibit the use of foreign exchanges.

The recent action from the Indian government comes amid a growing demand for regulations. During the recently concluded Group of 20, or G20, summit, the Indian government called for global collaboration on the crypto regulatory front. The Indian crypto community has long been calling for a balanced crypto regulatory framework, but despite several reassurances, the Indian finance ministry has yet to table a crypto bill in the parliament.

Binance’s Asia-focused X handle posted a tweet indicating they are aware of the app blockage in India but assured existing users won’t be impacted.

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Bitcoin price risks drop to $71K as Trump tariffs hurt US business outlook

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Bitcoin is setting its sights on the $71,000 mark as market conditions shift in response to geopolitical and economic developments, including a new tariff agreement and weakening U.S. business sentiment.

Recent market activity suggests that Bitcoin is benefiting from concerns over traditional economic indicators, with investors turning to digital assets as a hedge against economic uncertainty. A rare slump in U.S. business outlook has fueled speculation that risk assets, including Bitcoin, could see increased inflows.

Additionally, ongoing global trade negotiations and tariff adjustments have contributed to market volatility, prompting investors to seek alternative stores of value. Analysts suggest that if macroeconomic pressures persist, Bitcoin could continue its upward trajectory, potentially testing the $71,000 resistance level.

Despite short-term fluctuations, Bitcoin remains a focal point for investors navigating inflation concerns, regulatory shifts, and global economic trends. The coming weeks will be critical in determining whether Bitcoin can sustain its momentum and break through key price barriers.

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Crypto donations top $1B in 2024, gain traction after Myanmar, Thailand quake

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Changpeng “CZ” Zhao, the former CEO of Binance, has donated 1,000 BNB to aid relief efforts following a powerful earthquake that struck the Thailand-Myanmar border region. The donation, valued at approximately $600,000, aims to support those affected by the disaster and assist in recovery operations.

The earthquake caused significant damage in several areas, displacing residents and impacting local infrastructure. CZ’s contribution highlights the growing role of cryptocurrency in humanitarian aid, providing fast and transparent relief funding.

The donation will be distributed to organizations working on the ground to deliver emergency assistance, including shelter, food, and medical supplies. Crypto-based aid is increasingly being utilized in disaster response efforts due to its efficiency in reaching affected communities without the delays of traditional banking systems.

As the affected regions begin the recovery process, the crypto community continues to demonstrate how blockchain technology can play a meaningful role in global humanitarian initiatives.

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Hackers are selling counterfeit phones with crypto-stealing malware

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Security researchers have uncovered a wave of counterfeit Android devices preloaded with malware designed to steal cryptocurrency, posing a significant threat to users worldwide. The infected devices, which mimic popular smartphone brands, contain malicious software capable of hijacking digital wallets and siphoning funds.

The malware, embedded at the firmware level, allows attackers to gain remote access, intercept sensitive data, and execute unauthorized transactions. Because the malicious code is deeply integrated into the device’s operating system, it is difficult to detect and remove, making it a persistent threat.

Cybersecurity experts warn that unsuspecting buyers may unknowingly expose their crypto holdings to risk by purchasing these compromised devices from unverified sellers. Users are urged to exercise caution by only purchasing smartphones from trusted retailers and manufacturers.

The discovery highlights the growing sophistication of cybercriminals targeting the cryptocurrency sector. As mobile-based crypto transactions become more common, security measures such as hardware wallet usage and multi-factor authentication are increasingly essential to safeguard digital assets from emerging threats.

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