The largest digital currency platform globally, Binance, is preparing to resume its services in India following a government prohibition earlier this year, as per The Economic Times.

According to the report, Binance has incurred a $2 million fine and will relaunch as an entity sanctioned by the Financial Intelligence Unit (FIU) under the finance ministry.

Upon its relaunch, the cryptocurrency exchange will need to adhere to all relevant regulations, including the Prevention of Money Laundering Act (PML) and the Virtual Digital Assets (VDA) taxation framework, as stated by an individual cited in the ET article.

Binance faced the ban due to its failure to comply with anti-money laundering regulations in the country.

A source mentioned in the report expressed regret that it took Binance over two years to understand that “there is no room for negotiations and no global powerhouse can command special treatment.”

With assets under management and daily trading activity taken into account, Binance recently recorded a trading volume of $22 billion within the last 24 hours, constituting 25% of the total global volume, according to data from CoinMarketCap (as of 7 pm IST on Wednesday).

Binance, along with eight other foreign cryptocurrency platforms, was prohibited from conducting operations in India through websites and mobile apps due to non-compliance with FIU and PMLA directives.

Published By:

Koustav Das

Published On:

Apr 18, 2024