Binance, the world’s largest cryptocurrency exchange, is preparing to return to India by paying a $2 million penalty, India’s Economic Times reported, citing sources with knowledge of the matter.
The exchange reportedly aims to reform its South Asian entity to become fully registered with India’s Financial Intelligence Unit, which oversees the local trade of digital assets, and is working to comply with all applicable regulations, including local money laundering and taxation laws.
In January, the Indian government blocked nine crypto websites for illegal operations without proper compliance with local regulations. Following the government action, Apple and Google stores removed crypto exchange apps from the region.
“We remain committed to complying with local regulations and maintaining dialogue with regulators worldwide to ensure the continued availability of our services," Binance South Asia’s X account said in January.
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