Binance Aims to Re-enter Indian Market Amid PMLA Challenges 🚀🌟💰

Binance is striving to restore access to its mobile app and website in India. 📱💻

• Despite efforts, the Indian government has rejected Binance's plea to resume operations. ❌🇮🇳

• Binance requires time to establish protocols for complying with regulatory standards. ⏳📝

The world's largest cryptocurrency exchange, Binance, is in discussions with the Indian authorities to revive access for Indian users to its mobile app and website. 🌍🤝 Sources familiar with the matter revealed this information to an Indian media outlet.

According to the report, Binance is open to settling outstanding taxes up to January 12, when its operations were suspended. However, the exchange is not yet ready to conform to the Prevention of Money Laundering Act (PMLA) guidelines. 💸🔒

In the meantime, the government is taking actions against traders resorting to virtual private networks (VPNs) to access banned platforms. 🔒🛡️

Reports indicate that around 4,000 Indian crypto traders are suspected of using VPNs to trade on Binance rather than shifting their assets to compliant Indian exchanges. It is believed that nearly $4 billion worth of crypto owned by Indian traders is held in offshore wallets. 💼💰

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