đ Big News for Crypto Enthusiasts! Binance Makes a Comeback in Indiaâs $300 Billion Market đ
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 Indiaâs anti-money laundering watchdog123.
Whatâs Happening?
Binanceâs Registration: The crypto giant has completed its initial registration with the FIU, paving the way for its return to Indian shores1.
KuCoinâs Lead: Earlier, KuCoin set the stage by getting registered after coughing up a fine of INR 3.45 million (about $41,303)1.
BNBâs Dip: Amidst these developments, Binanceâs native token, BNB, saw a slight dip of 1% this week.
Inside Scoop:
The FIUâs 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.
Moneycontrolâs Report: According to Moneycontrol, Binance is all set to restart its operations in India following its registration with the FIU1.
Whatâs the Buzz?
Chainalysisâ Ranking: Indiaâs crypto market is booming, with Chainalysis ranking it as the worldâs second-largest, having acquired a whopping $300 billion in crypto between July 2022 and June 20231.
So, crypto fans, gear up! Binanceâs 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. đ