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Home CRYPTO

Binance Prepares for Major Comeback to India with $2 Million Settlement

Conie by Conie
April 18, 2024
in CRYPTO
Reading Time: 2 mins read
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-Binance is seeking to re-enter the Indian market by paying a $2 million penalty

It aims to become a registered entity compliant with local anti-money laundering laws and tax rules

Prior to the ban, Binance accounted for around 90% of Indian investors’ crypto holdings worth $4 billion

Crypto exchange giant Binance is looking to re-enter the Indian market after being banned by the government in January. According to a recent report, it plans to return as a fully registered entity compliant with local regulations.

Background on Binance’s Ban from India


In January 2022, India’s government blocked nine crypto websites, including Binance, for operating illegally without proper compliance. Following this, Apple and Google app stores removed crypto exchange apps in the region. Prior to the ban, Binance accounted for around 90% of crypto holdings for Indian investors, estimated at $4 billion.

ICYMI: 🇮🇳 Binance is set to re-enter the Indian market after agreeing to pay a $2 million penalty

— BlockNews.com (@blocknewsdotcom) April 18, 2024

Binance’s Reported Plans to Return


According to a report by India’s Economic Times, Binance aims to reform its South Asian entity to become registered with India’s Financial Intelligence Unit, which oversees crypto trading. It plans to comply with all applicable laws, including anti-money laundering and taxation rules.

To return to India, Binance will reportedly pay a $2 million penalty. It will come back as an exchange that follows regulations, unlike its previous non-compliant operations. Neither Binance nor India’s financial authorities have officially confirmed the reported return plans.

Conclusion


If Binance manages to return to India by becoming fully compliant, it could regain a dominant position in one of the world’s largest potential crypto markets. However, the regulatory landscape remains uncertain, so Binance faces challenges in resuming Indian operations.

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.
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Conie

Conie

Conie is a Web3 enthusiast, an experienced creative writer, and a passionate gamer. With her ability to fuse innovation with imagination, she brings a distinctive perspective to each piece she writes, delving into the ever-changing territories of the digital world, storytelling, and virtual adventures.

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