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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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7-Eleven South Korea to accept CBDC payments in national pilot program

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7-Eleven is set to participate in the testing phase of a central bank digital currency (CBDC) initiative, running from April to June. The retail giant’s involvement highlights the growing push for digital currency integration in everyday transactions.

The pilot program will assess the feasibility of CBDC payments at 7-Eleven stores, allowing customers to make purchases using the digital currency. The initiative is part of a broader effort to explore the real-world application of CBDCs in retail environments, potentially shaping future payment systems.

As central banks worldwide accelerate their digital currency research, private sector collaboration is seen as crucial for widespread adoption. If successful, 7-Eleven’s participation could pave the way for broader CBDC usage across retail and commercial sectors.

The outcome of the testing phase will provide valuable insights into consumer adoption, transaction efficiency, and potential regulatory considerations, influencing how CBDCs are integrated into mainstream financial systems.

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SEC and Gemini ask to pause lawsuit to explore ‘potential resolution’

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The U.S. Securities and Exchange Commission (SEC) and crypto exchange Gemini have agreed to pause legal proceedings as both sides explore a potential resolution to their ongoing lawsuit. The move signals a possible settlement in the high-profile case, which centers around Gemini’s now-defunct Earn program.

The SEC initially sued Gemini, alleging that the Earn program—designed to offer users yield on crypto deposits—operated as an unregistered securities offering. Gemini has pushed back against the claims, arguing that its operations complied with regulatory standards.

By pausing litigation, both parties may be looking for a compromise that could set a precedent for crypto lending products in the U.S. A settlement could also provide regulatory clarity for similar platforms navigating SEC scrutiny.

While the outcome remains uncertain, the crypto industry is closely watching the case, as its resolution could impact future enforcement actions and the broader regulatory approach toward digital asset lending services.

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GameStop finishes $1.5B raise to add Bitcoin to its balance sheet

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GameStop has successfully completed a debt offering, raising capital that may be used to acquire Bitcoin, signaling the company’s deeper foray into digital assets. The move aligns with its broader strategy to diversify beyond traditional retail operations and into emerging financial technologies.

While GameStop has not confirmed the exact allocation of the funds, market speculation suggests that a portion could be used to buy Bitcoin, following in the footsteps of companies like MicroStrategy. The potential investment would reinforce GameStop’s ongoing pivot toward blockchain and digital assets, an effort that began with its NFT marketplace and crypto-related initiatives.

Analysts see this development as part of a growing trend of corporations exploring Bitcoin as a reserve asset amid concerns over inflation and monetary policy. If GameStop proceeds with the acquisition, it could further validate Bitcoin’s role as a strategic investment for publicly traded companies.

The company’s board will ultimately decide how the newly raised capital is deployed. Investors and the broader crypto market are watching closely for any official announcements regarding GameStop’s Bitcoin strategy.

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