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Binance set to return in India
Binance, one of the world’s largest cryptocurrency exchanges, is planning to make a comeback in India after being banned. The exchange intends to return as an entity registered with India’s Financial Intelligence Unit (FIU) and is willing to pay a $2 billion penalty. However, the penalty amount of $2 million does not confirm by the official
The move comes after the Indian government banned several global virtual asset exchanges, including Binance, KuCoin, and OKX, for not complying with regulatory policies. These companies were warned about violating local tax rules and anti-money laundering laws.
Reports from Economic Times
According to reports from The Economic Times, Binance aims to restart its operations in India by comply all applicable laws, including the Prevention of Money Laundering Act (PMLA) and the VDA taxation framework. Sources suggest that Binance was previously not complying with these laws.
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