Exciting news for crypto enthusiasts in India as Binance's website URL is now accessible following a significant fine payment. Previously, the URLs of 9 offshore crypto exchanges, including Binance, OKX, and Kucoin, were blocked by the Government of India on January 12, 2024.

After receiving show-cause notices from the finance ministry in December 2023 for non-compliance with India’s anti-money laundering laws, Kucoin was the first offshore crypto exchange to register with the FIU. By paying a fine of ₹34.5 lakh, Kucoin's URL was unblocked in March.

Binance filed for FIU registration in April and incurred a fine of ₹18.82 Crore, while OKX made the decision to discontinue its services in India.

Though the Binance website URL is now accessible, the mobile app is yet to reappear on the Play Store and App Store.
Despite the absence of an official update or announcement from Binance on its social media or blog, users are able to access the website. This development suggests that Binance's URL may have been completely unblocked, paving the way for increased accessibility and engagement. 🌐🇮🇳💰

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Binance, the largest cryptocurrency exchange globally, faces an $86 million tax bill from Indian authorities due to non-compliance issues.
The Directorate General of GST Intelligence (DGGI) in Ahmedabad has issued a notice to Binance, demanding $86,033,159 in Goods and Services Tax (GST). The issue arises from Binance allegedly collecting fees from Indian customers trading in virtual digital assets (VDAs) without proper GST registration. This move is part of India's broader effort to regulate cryptocurrency operations and enforce tax compliance.
Holding about 40% of the global cryptocurrency market and operating in over 150 countries, Binance is no stranger to regulatory scrutiny. The new tax bill underscores India's intent to assert its regulatory authority over international crypto platforms serving Indian customers. This significant development could influence how other nations regulate global cryptocurrency exchanges in their jurisdictions.
The Indian crypto market has seen recent turmoil, including a major hack of the local exchange WazirX, resulting in significant user fund losses. Meanwhile, Indian financial regulators, including the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI), are working on a comprehensive cryptocurrency policy to better manage digital assets in the country.
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New Delhi: India on Thursday slapped show cause notices on nine offshore crypto currency trading platforms including Binance, Kucoin and Huobi and moved to block their web addresses, accusing them of operating illegally in the country.The notices were issued under money laundering laws by Financial Intelligence Unit India (FIU IND), the agency that processes information on dubious financial transactions. These companies, technically called virtual digit asset (VDA) service providers did not comply with the provisions of the anti-money laundering law, the finance ministry said in a late night statement.Queries emailed to Binance, Kucoin and Huobi on Thursday seeking comments remained unanswered.These service providers were brought under the Anti Money Laundering/Counter Financing of Terrorism (AML-CFT) framework under the provisions of the Prevention of Money Laundering Act (PML) Act in March 2023, the ministry said.The notices were issued under a section of the Prevention of Money Laundering Act that authorizes the government to impose a penalty on the entity, its directors or employees or issue a warning or instructions.India is currently undergoing a peer review of its anti-money laundering and counter financing of terrorism framework by the Financial Action Task Force (FATF), a UN body. The review assesses both the technical compliance of its recommendations and the effectiveness of India's anti-money laundering and anti-terror financing framework.Director FIU IND has written to secretary, Ministry of Electronics and Information Technology to block the URLs of these entities allegedly operating illegally without complying with the provisions of the PML Act in India, the statement said.Crypto platforms are required to be registered with FIU IND as reporting entities and comply with certain obligations as mandated law, the ministry said. Regulations cast reporting, record keeping and other obligations on these service providers under the law, the statement said.Till date, 31 VDA service providers have registered with FIU IND. However, several offshore entities though catering to a substantial part of Indian users were not getting registered, the statement said.#IndiaCryptoBan #binanceIndia #marketuptade

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#IndianCryptoCommunity

The Unified Payments Interface (UPI) has solidified its position as the world’s leading digital payment platform by processing transactions worth nearly Rs 81 lakh crore during the April-July period of 2024, according to a recent report by global payments hub, Paysecure. This achievement represents a 37% year-over-year (YoY) growth, further cementing UPI’s dominance in the global digital payments landscape

UPI's impressive surge in transaction volume saw it processing an average of 3,729.1 transactions per second, marking a 58% increase compared to the 2,348 transactions per second recorded in 2022. This remarkable growth has enabled UPI to surpass major global payment platforms such as China’s Alipay, PayPal, and Brazil’s PIX in terms of the number of transactions processed.

In 2023, UPI handled a staggering 117.6 billion transactions, making it the highest in the world. Notably, July witnessed UPI processing Rs 20.6 lakh crore worth of transactions, setting a new record for the highest-ever monthly transaction value for the platform. This marked the third consecutive month that UPI transactions surpassed the Rs 20 lakh crore threshold.

The Paysecure report highlights that India is now leading the global digital payments space, with over 40% of all payments in the country being digital. UPI accounts for the majority of these transactions, playing a crucial role in India's rapid adoption of digital payments.

Dilip Asbe, CEO of the National Payments Corporation of India (NPCI), expressed confidence in UPI’s future growth, predicting that the platform could reach 100 billion transactions within the next decade. This growth is expected to be driven by the upcoming launch of credit facilities on UPI, further enhancing its appeal to users.

While June saw a slight dip in UPI transaction volume to 13.89 billion from May's 14.04 billion, the outlook for UPI remains extremely positive. A report by PwC India forecasts that UPI transactions will experience a threefold increase from 131 billion in the 2023-24 fiscal year to 439 billion by 2028-29. This would account for a staggering 91% of all retail digital transactions in India.

UPI’s success is not limited to India. The platform has been adopted in several other countries, including the UAE and Malaysia, where it is increasingly being used as a preferred payment method. The Reserve Bank of India (RBI) Governor, Shaktikanta Das, has emphasized the RBI’s focus on making UPI and RuPay global brands. This includes initiatives such as deploying UPI-like infrastructure in other countries, enabling QR code-based UPI payments at international merchants, and linking UPI with other nations' Fast Payment Systems.

With its unparalleled growth and adoption, UPI is not only revolutionizing digital payments in India but is also setting a global standard. As UPI continues to expand its reach, both domestically and internationally, it is poised to become a cornerstone of global digital financial infrastructure. The potential for UPI to drive digital transactions worldwide is immense, and its impact is expected to grow even further in the coming years, particularly with the upcoming introduction of credit on UPI and its increasing adoption in international markets.