Binance, the world's largest cryptocurrency exchange, is set to resume operations in India after being banned earlier this year for non-compliance with anti-money laundering laws. To facilitate its return, Binance has paid a $2 million penalty and registered with India's Financial Intelligence Unit (FIU). The exchange will need to adhere to regulations under the Prevention of Money Laundering Act (PMLA) and the Virtual Digital Assets (VDA).
Before its ban, Binance controlled a significant portion of the Indian crypto market, accounting for 90% of the country's $4 billion in crypto holdings. Its comeback is expected to rejuvenate the market, potentially driving up prices and increasing user activity among India's over 115 million crypto user.