Banned by the Indian government a few months ago, crypto exchange Binance will soon be relaunching its operations in India. The world’s largest crypto platform will have to pay a penalty of around $2 million and register with the country’s state regulators, as required by Indian law.
Table of Contents
Binance soon to return to India
Now that the halving is done, crypto exchanges are getting in line to take full advantage of the bull run ahead. This is particularly true for Binance which is about to return to India, according to The Economic Times.
The restarting of Binance in India will not be without consequences and changes. The exchange will have to pay a penalty of around $2 million for having previously operated without registration. In addition, Binance must register with Financial Intelligence Unit (FIU) of the Ministry of Finance. Last but not least, Binance will comply with all applicable laws, primarily the law on the prevention of money laundering and the tax framework.
The nightmare of exchanges in India
Crypto exchanges are going through a difficult time in India. Recently, the Indian Ministry of Finance issued instructions to several exchanges, including Binance, Kraken, Gate.io, KuCoin, Bitstamp, MEXC Global, Bittrex and Huobi. These eight crypto platforms were accused of non-compliance with the Money Laundering Prevention Act. Shortly afterwards, the applications of some platforms, including Binance have been withdrawn in India.
Faced with this pressure from Indian state regulators, some crypto platforms have given up. This is notably the case of the exchange OKX, which has ceased operations in India at the end of March 2024, citing regulatory hurdles. Other crypto exchanges, on the other hand, have complied with regulatory requirements. In addition to Binance, Kucoin, registered with the Financial Intelligence Unit (FIU) last month.
India is a fast-growing crypto market. According to crypto analysis company Triple A, 93 million of India’s residents were using cryptocurrency in 2023. No other country has such a big number of crypto users. India thus represents an important market to get for the crypto exchanges.
I dream of a world where every citizen has total control over themselves, including their finances. I believe that Bitcoin is one of the tools that will achieve this revolution. Since 2019, I am learning about this cryptocurrency and spreading the word around.
