Binance Eyes India Re-entry with $2M Fine Payment

Binance, the global cryptocurrency exchange, is reportedly planning to re-enter the Indian market by paying a $2 million fine. This move comes after Binance and nine other exchanges received compliance show cause notices from India’s Financial Intelligence Unit (FIU) earlier this year.

The exchanges, including OKX, KuCoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex, were subsequently removed from the Apple Store in India. The removal was a significant setback for these platforms, impacting their accessibility and visibility among Indian users.

According to a report by the Economic Times, Binance aims to return to India as an FIU-registered firm after paying the fine. This move signifies Binance’s commitment to comply with India’s regulatory framework and its intent to continue its operations in the country.

However, the report also highlighted a source’s comment on Binance’s delayed realization of the non-negotiable nature of India’s regulations. The source stated, “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”.

While Binance has not yet responded to CoinDesk’s request for comment, the developments indicate a potential shift in the crypto exchange’s approach towards regulatory compliance in India.

In related news, a senior lawmaker in India has stated that the country will not see a Crypto or Web3 bill for another 18 months. This statement suggests that the regulatory landscape for cryptocurrencies in India remains uncertain, with potential implications for exchanges like Binance and the broader crypto market in the country.

As the situation unfolds, the crypto community in India and globally will be closely watching Binance’s moves and the Indian government’s stance on digital currencies.

Post Views: 121

You may also like: