LIVE🇮🇳 ** Resumption of Operations in India**
🔹 Binance exchange to resume operations in India following fine payment.
🔹 Cryptocurrency exchange poised to re-enter Indian market, having settled fines.
🔹 Successfully registered with FIU, commits to PMLA compliance and tax regulations.
📚 ** Background**
🔹 Previously, Indian authorities blocked access to various centralized exchanges, including Binance.
🔹 On May 10, 2024, Binance obtained approval from FIU to resume Indian operations.
🔹 Binance reportedly paid a fine of $41,000, although the exact amount remains undisclosed.
🧩 **Chapter: Regulatory Environment**
🔹 In late December 2023, the Reserve Bank of India expressed skepticism regarding cryptocurrency integration into the financial system.
🔹 Regulators cited concerns over digital assets' economic viability and potential impact on macroeconomic stability.
🔹 Following this, the Financial Intelligence Unit of India accused nine international exchanges of operating without licenses.
📝 ** Compliance Efforts**
🔹 Binance sought to lift the ban through appeals to authorities, which were unsuccessful.
🔹 Government mandates require compliance with the Prevention of Money Laundering Act (PMLA).
🔹 Unconfirmed reports suggest Binance agreed to a $2 million registration fee with the FIU.
🔹 Additionally, the company commits to adhering to taxation rules for virtual asset providers (VDA).
📈 Allegedly, the exchange's evasion of these obligations allowed it to capture 90% of India's market share, as claimed by sources.
Stay informed about the evolving landscape of cryptocurrency regulations in India and Binance's compliance efforts!
