- Binance and OKX apps were removed from Google and Apple stores in India due to non-compliance with the PMLA.
- Indian traders are flocking to compliant platforms such as WazirX and CoinSwitch Kuber after the app removals.
- Pullix’s PLX presale is gaining momentum, driven by an innovative trade-to-earn model and a revenue-sharing mechanism.
In a major development, Google and Apple have removed leading cryptocurrency exchange apps from their app stores in India. This action follows increased regulatory scrutiny from the Financial Intelligence Unit of India (FIU-Ind), which raised concerns about compliance with anti-money laundering rules.
At the same time, Pullix, an emerging hybrid exchange, is drawing attention with its ongoing presale of the PLX token. The project promotes unique features and a revenue-sharing model designed to offer traders new earning opportunities.
Pullix: a hybrid crypto trading platform
Pullix positions itself as an innovative hybrid trading exchange. Its presale of the native PLX token is gaining traction as wider market participants react to regulatory pressure on established exchanges.
PLX introduces a trade-to-earn concept that rewards users immediately for trading activity and completing platform challenges. This approach aims to transform user engagement by providing tangible incentives for active participation.
The PLX presale has attracted notable interest, with some analysts forecasting substantial gains—projected growth during the presale and the potential for significant appreciation at launch. Currently in its sixth phase, the token price has risen from an initial $0.04 to approximately $0.08, reflecting increased demand.
Investors and traders are especially drawn to PLX’s revenue-sharing mechanism. Holders may benefit from daily exchange revenue distributions and earn passive income by providing liquidity to automated market makers once the exchange launches. This model offers a recurring income stream that could appeal to users amid the volatility of the crypto market.
India’s crypto restrictions: Google and Apple remove exchanges
The crypto landscape in India is undergoing a seismic shift as major exchanges face removal from the Google Play Store and Apple App Store. Exchanges including Binance, OKX, KuCoin and others were blocked after FIU-Ind issued notices asserting these platforms were operating without registering as reporting entities under the Prevention of Money Laundering Act (PMLA).
The regulatory action is part of a broader effort to bring offshore cryptocurrency exchanges into compliance with Indian laws. In a notice dated December 28, 2023, FIU-Ind highlighted concerns about potential money laundering activity on such platforms.
Indian authorities have stepped up enforcement, instructing the Ministry of Electronics and Information Technology to block the URLs of non-compliant exchanges and press them to register services in India. Removing these apps from major app stores has restricted user access and represents a significant development in India’s approach to crypto trading.
Impact on Indian traders
Tighter regulations in India—including a 30% tax on crypto income and a 1% transaction tax—had previously driven many Indian traders to global platforms. The recent enforcement, however, has reversed that trend.
With Google and Apple limiting access to major international exchanges, Indian users are shifting toward domestic alternatives such as WazirX, CoinSwitch Kuber and CoinDCX. These exchanges comply with India’s anti-money-laundering rules and have seen surges in new registrations.
For example, WazirX reported a substantial 250% increase in deposit inflows within four days of the FIU-Ind compliance notices. While this movement back to local platforms highlights renewed trust in regulated services, many Indian investors still face challenges accessing assets held on now-blocked foreign wallets and platforms.
Conclusion
As India tightens crypto regulation, global exchanges are feeling the consequences of enforcement measures, leading to their removal from major app stores. The rise of compliant domestic platforms signals a shift in trader preferences driven by regulatory compliance and the demand for safer trading environments.
Meanwhile, the PLX presale from Pullix adds an intriguing element to the evolving crypto landscape by offering innovative trading incentives and revenue-sharing benefits. For traders and investors navigating a market in regulatory transition, such projects present new ways to participate and potentially earn as the ecosystem adapts.