The World’s largest Cryptocurrency exchange Binance is set to make a comeback in the Indian market by paying a $2 million fine and registering as a Financial Intelligent Unit firm ( FIU ) according to a report.
According to CoinDesk, Binance, and nine other crypto exchanges were removed from the Apple store in India and effectively banned after India’s Financial Intelligence Unit sent them compliance show cause notices.
OKX, KuCoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex were the other firms that were sent notices at the time.
After Paying the fine, Binance will re-enter the Indian Market as a Financial Intelligent Unit registered firm and will comply with the country’s financial regulations and laws.
It is “unfortunate that it took (Binance) more than two years to realize there is no room for negotiations, and (that) no global powerhouse can command special treatment, especially at the cost of exposing the country’s financial system to vulnerabilities,” the report said, citing a source.
The report also stated further that Binance will have to comply with the Prevention of Money Laundry Act (PML Act) and Virtual Digital Assets (VDA) taxation framework.
Binance has recently run into a face-off with many countries on the account that its platform was used for Money laundering and other inappropriate financial practices.
The CEO of Binance Changpeng Zhao had to step down amidst these claims paving the way for a new CEO as part of an effort to rebrand the firm.
Recommended reading: Forex crisis: FG slams $10 billion fine on Binance
What to Know
- Binance is currently in a spat with the Nigerian government over claims of Currency manipulation and money laundering as the government tried to arrest the free fall of its local currency. Two Binance executives were detained in Nigeria and charged to Nigerian courts on the above counts.
- Binance before its temporary ban was the most used crypto exchange in India with over 500,000 App downloads as of September 2022.
Recommended reading: Binance shifts billion-dollar emergency fund to USDC
