LIVE๐ฎ๐ณ ** Resumption of Operations in India**
๐น Binance exchange to resume operations in India following fine payment.
๐น Cryptocurrency exchange poised to re-enter Indian market, having settled fines.
๐น Successfully registered with FIU, commits to PMLA compliance and tax regulations.
๐ ** Background**
๐น Previously, Indian authorities blocked access to various centralized exchanges, including Binance.
๐น On May 10, 2024, Binance obtained approval from FIU to resume Indian operations.
๐น Binance reportedly paid a fine of $41,000, although the exact amount remains undisclosed.
๐งฉ **Chapter: Regulatory Environment**
๐น In late December 2023, the Reserve Bank of India expressed skepticism regarding cryptocurrency integration into the financial system.
๐น Regulators cited concerns over digital assets' economic viability and potential impact on macroeconomic stability.
๐น Following this, the Financial Intelligence Unit of India accused nine international exchanges of operating without licenses.
๐ ** Compliance Efforts**
๐น Binance sought to lift the ban through appeals to authorities, which were unsuccessful.
๐น Government mandates require compliance with the Prevention of Money Laundering Act (PMLA).
๐น Unconfirmed reports suggest Binance agreed to a $2 million registration fee with the FIU.
๐น Additionally, the company commits to adhering to taxation rules for virtual asset providers (VDA).
๐ Allegedly, the exchange's evasion of these obligations allowed it to capture 90% of India's market share, as claimed by sources.
Stay informed about the evolving landscape of cryptocurrency regulations in India and Binance's compliance efforts!
