Binance has reportedly paid a penalty of $2 million and will come back as an entity registered with the Financial Intelligence Unit (FIU) of the finance ministry.
Binance is all set to restart operations in India.
New Delhi,UPDATED: Apr 18, 2024 12:39 IST
Written By: Koustav Das
The world’s largest cryptocurrency exchange, Binance, is set to restart operations in India after the government banned it in January, reported The Economic Times.
Binance has paid a penalty of $2 million and will come back as an entity registered with the Financial Intelligence Unit (FIU) of the finance ministry, added the report.
When the cryptocurrency exchange restarts operations, it will have to comply with all applicable laws, including the Prevention of Money Laundering Act (PML) as well as the Virtual Digital Assets (VDA) taxation framework, said one person quoted in the ET report.
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Binance was banned in response to its non-compliance with anti-money laundering laws in the country.
One of the sources quoted in the report said it was “unfortunate” that it took Binance more than two years to realise “there is no room for negotiations and no global powerhouse can command special treatment”.
Based on asset holdings and daily trade volume, Binance recently registered a trading volume of $22 billion in the preceding 24 hours, comprising 25% of the global volume, as per CoinMarketCap data (ending at 7 pm IST on Wednesday).
Binance and eight other offshore cryptocurrency platforms faced a ban on operating in India via web addresses and mobile applications due to non-compliance with FIU and PMLA guidelines.
Published By:
Koustav Das
Published On:
Apr 18, 2024
