๐ Binance Set to Return to India as FIU-Registered Entity ๐
๐ Major News Alert: Binance is making its comeback in India, registered with the Financial Intelligence Unit of the Finance Ministry!
๐ฎ๐ณ Despite the government's previous ban, Binance is now committed to complying with all relevant laws, including the PMLA and VDA taxation framework.
๐ Here's the scoop:
- Binance will re-enter India as a FIU-registered entity, ensuring compliance with all local laws.
- India's Financial Intelligence Unit monitors trades in virtual digital assets, with recent expansions to the PMLA.
- Binance vows to adhere to anti-money laundering laws and taxation frameworks previously overlooked.
๐ฌ Indian officials emphasize the need for all global exchanges to comply with local laws to operate in the country, rejecting special treatment requests.
๐ Previously delisted from app stores and blocked online, Binance has been in negotiations with the government to regain access for users.
๐ผ Despite willingness to pay taxes and penalties, Binance faced hurdles in complying with PMLA guidelines, prompting discussions with Indian authorities.
๐ฅ Binance joins KuCoin as the second overseas exchange to return to India, while others like OKX exit due to regulatory complexities.
โ ๏ธ Disclaimer: This post is for informational purposes only. Seek professional advice for legal, tax, or financial matters.