The exchange’s re-entry plan includes paying a fine of around $2 million.
Binance plans to operate as a registered business with the FIU of the finance ministry.
Although the Indian government outright banned Binance earlier this year, the biggest cryptocurrency exchange in the world is getting ready to rejoin the Indian market. According to those familiar with the situation, Binance’s re-entry plan includes paying a fine of around $2 million.
In order to demonstrate its dedication to following Indian rules and regulations, the exchange plans to operate as a registered business with the Financial Intelligence Unit (FIU) of the finance ministry.
Significantly Altering Market Dynamics
Binance has taken this step because it understands how important it is to comply with Indian regulations regarding cryptocurrencies, especially the Prevention of Money Laundering Act (PMLA) and the Virtual Digital Assets (VDA) taxation framework, which are among the most severe in the world
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