🚀 Binance Set to Return to India as FIU-Registered Entity 🚀
🌟 Major News Alert: Binance is making its comeback in India, registered with the Financial Intelligence Unit of the Finance Ministry!
🇮🇳 Despite the government's previous ban, Binance is now committed to complying with all relevant laws, including the PMLA and VDA taxation framework.
🔍 Here's the scoop:
- Binance will re-enter India as a FIU-registered entity, ensuring compliance with all local laws.
- India's Financial Intelligence Unit monitors trades in virtual digital assets, with recent expansions to the PMLA.
- Binance vows to adhere to anti-money laundering laws and taxation frameworks previously overlooked.
💬 Indian officials emphasize the need for all global exchanges to comply with local laws to operate in the country, rejecting special treatment requests.
🔒 Previously delisted from app stores and blocked online, Binance has been in negotiations with the government to regain access for users.
💼 Despite willingness to pay taxes and penalties, Binance faced hurdles in complying with PMLA guidelines, prompting discussions with Indian authorities.
💥 Binance joins KuCoin as the second overseas exchange to return to India, while others like OKX exit due to regulatory complexities.
⚠️ Disclaimer: This post is for informational purposes only. Seek professional advice for legal, tax, or financial matters.