Nite
Valued Contributor
After being banned by the Indian government in January, Binance, the world's largest cryptocurrency exchange, is set to make a grand re-entry into the market. According to sources, the exchange plans to pay a penalty of around $2 million to secure its return.
This comeback marks a significant shift in Binance's presence in India. The company will now establish an entity registered with the Financial Intelligence Unit (FIU), the regulatory body responsible for overseeing virtual digital asset (VDA) transactions. This move demonstrates Binance's commitment to compliance with local laws, including the Prevention of Money Laundering Act (PMLA) and VDA taxation framework.
The return of Binance is widely regarded as a positive development for the Indian crypto industry. It signals a growing recognition of cryptocurrencies and legitimates the market. The presence of a global player like Binance will further boost investor confidence and attract more international capital.
This comeback marks a significant shift in Binance's presence in India. The company will now establish an entity registered with the Financial Intelligence Unit (FIU), the regulatory body responsible for overseeing virtual digital asset (VDA) transactions. This move demonstrates Binance's commitment to compliance with local laws, including the Prevention of Money Laundering Act (PMLA) and VDA taxation framework.
The return of Binance is widely regarded as a positive development for the Indian crypto industry. It signals a growing recognition of cryptocurrencies and legitimates the market. The presence of a global player like Binance will further boost investor confidence and attract more international capital.
