- According to a local media report, Binance is attempting to reenter the Indian market following its prohibition by the local authorities in January.
- According to reports, it will reappear as a registered business that complies with regional tax and anti-money laundering regulations.
The largest cryptocurrency exchange in the world, Binance, is getting ready to return to India by paying a $2 million fine, according to an article in India’s Economic Times that cited people with knowledge of the situation.
The exchange is purportedly striving to adhere to all relevant rules and regulations, especially those pertaining to local money laundering and taxation, and to restructure its South Asian entity in order to become fully registered with India’s Financial Intelligence Unit, which regulates the local trade of digital assets.
Nine cryptocurrency websites that were operating illegally and without adequate compliance with local legislation were shut by the Indian authorities in January. Apple and Google stores withdrew cryptocurrency trade apps from the region after the authorities took action.
As stated in January, Binance South Asia’s X account, “We remain committed to adhering to local regulations and maintaining dialogue with regulators worldwide to ensure the continued availability of our services.”
Binance held around 90% of Indian investors’ estimated $4 billion worth of cryptocurrency holdings before to the ban. Its prior market domination may have been caused by its disregard for local tax regulations, which let users trade cryptocurrencies without having to pay 1% in source taxes.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.