The world’s biggest cryptocurrency exchange, Binance, is getting ready to re-enter India by paying a $2 million fine, as reported by India’s Economic Times.Â
The exchange is revamping its South Asian entity to obtain full registration with India’s Financial Intelligence Unit (FIU), which supervises local digital asset trading, and is striving to adhere to all relevant regulations, including anti-money laundering and tax laws.
In January, the Indian government blocked nine crypto websites for non-compliance with local regulations, leading Apple and Google to remove Binance apps from the region.
Binance South Asia’s X account stated in January, “We remain committed to complying with local regulations and maintaining dialogue with regulators worldwide to ensure the continued availability of our services.”
Before the ban, Binance held around 90% of Indian investors’ crypto assets, valued at $4 billion. Its previous dominance was due to non-compliance with local tax laws, allowing users to trade without paying 1% tax deducted at source.
Binance’s readiness to comply with Indian regulations signals a positive step towards rebuilding trust and re-establishing its market presence.
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