๐ข๐ข๐ข๐ขChapter: Resumption of Operations in Indiaโ โ โ โ โ ๐ฎ๐ณ๐ฎ๐ณ๐ฐ๐๐๐๐
1. Binance exchange will resume operations in India after paying fines.
2. The cryptocurrency exchange will return to the Indian market, having paid fines.
3. The company has successfully registered with the FIU and pledges to comply with PMLA and established tax rules.
Chapter: Background
4. Earlier, Indian authorities blocked access to several centralized exchanges, including Binance.
5. On May 10, 2024, Binance received approval from the Financial Intelligence Unit (FIU) to resume operations in the country.
6. It is known that Binance paid a fine of $41,000.
7. The amount of payment for Binance has not yet been determined.
Chapter: Regulatory Environment
8. At the end of December 2023, the Reserve Bank of India expressed doubts about the possible integration of cryptocurrencies into the country's financial system.
9. The regulator stated that digital assets lack economic potential and threaten macroeconomic stability.
10. Several days later, the Financial Intelligence Unit of India accused 9 international exchanges of operating without a license.
11. Indian users reported that mobile applications of some centralized exchanges (CEX) were removed from the AppStore and Google Play.
Chapter: Compliance Efforts
12. Binance appealed to the authorities to lift the ban but was refused.
13. The government stated that the company must comply with the Prevention of Money Laundering Act (PMLA).
14. According to unconfirmed reports, Binance agreed to pay $2 million to register with the FIU.
15. In addition, the company undertakes to comply with the taxation rules for virtual asset providers (VDA).
16. It is precisely the evasion of this obligation that allowed the cryptocurrency exchange to occupy 90% of the market in India, claims a source.
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