Binance exchanges resume operations in India
The world's largest cryptocurrency exchange Binance and Hong Kong-based KuCoin are returning to the Indian market. The companies are registered with the Financial Intelligence Unit (FIU) and are required to pay fines and comply with tax rules for virtual asset providers. Crypto exchange KuCoin has paid a fine of $41,000, and the amount of the fine for #Binance has not yet been determined, and the trading platform's website will remain blocked until payment. The restricted crypto exchanges Kraken and Gate.io are also in talks to return to the Indian market, and the Bitstamp platform has presented an exit plan, says FIU head Vivek Aggarwal. At the end of 2023, India introduced restrictions on the activities of foreign platforms that, according to authorities, were operating illegally in the country. Financial intelligence demanded that access to their websites be blocked for local traders and investors. In addition to Binance, those blocked included HTX, Kraken, Gate. Earlier, Indian Finance Minister Nirmala Sitharaman took a firm stance against BTC and other crypto assets, saying that they cannot be considered real money.
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