Binance, the world's largest cryptocurrency exchange, is poised to resume operations in India following a ban imposed by the government in January. According to reports from The Economic Times, Binance has paid a penalty of $2 million and will return as an entity registered with the Financial Intelligence Unit (FIU) of the finance ministry.
The exchange will restart its operations under the purview of all applicable laws, including the Prevention of Money Laundering Act (PML) and the Virtual Digital Assets (VDA) taxation framework. This move comes after Binance faced repercussions for its non-compliance with anti-money laundering laws in India.
Sources cited in the report expressed regret over the prolonged duration it took for Binance to recognize the necessity of adhering to regulations, emphasizing that no global entity is exempt from compliance requirements.
Despite the ban, Binance continues to maintain significant global trading volume, as evidenced by its recent trading volume of $22 billion over 24 hours, constituting 25% of the global volume, according to CoinMarketCap data.
Alongside Binance, eight other offshore cryptocurrency platforms were prohibited from operating in India via web addresses and mobile applications due to their failure to comply with FIU and PMLA guidelines. As Binance prepares to re-enter the Indian market, it will do so with a renewed commitment to regulatory compliance.
