🎉 Big News for Crypto Enthusiasts! Binance Makes a Comeback in India’s $300 Billion Market 🎉
After a series of negotiations, Binance has finally got the green light from the Financial Intelligence Unit of India, marking its formal re-entry into the bustling Indian market. Hot on the heels of KuCoin, Binance is now the second international crypto exchange to get the nod from India’s anti-money laundering watchdog123.
What’s Happening?
Binance’s Registration: The crypto giant has completed its initial registration with the FIU, paving the way for its return to Indian shores1.
KuCoin’s Lead: Earlier, KuCoin set the stage by getting registered after coughing up a fine of INR 3.45 million (about $41,303)1.
BNB’s Dip: Amidst these developments, Binance’s native token, BNB, saw a slight dip of 1% this week.
Inside Scoop:
The FIU’s Stance: The FIU had previously put a halt on Binance and other exchanges for not playing by the local rules. Now, with formal registration, Binance is gearing up to serve Indian crypto traders once again1.
Moneycontrol’s Report: According to Moneycontrol, Binance is all set to restart its operations in India following its registration with the FIU1.
What’s the Buzz?
Chainalysis’ Ranking: India’s crypto market is booming, with Chainalysis ranking it as the world’s second-largest, having acquired a whopping $300 billion in crypto between July 2022 and June 20231.
So, crypto fans, gear up! Binance’s return could be a game-changer for the Indian market. Keep your eyes peeled for more updates as Binance gears up to support the crypto community in India. 🚀
