After being banned by the Indian government earlier this year, Binance, the world’s largest cryptocurrency exchange, is preparing to re-enter the Indian market. Sources familiar with the matter indicate that Binance will pay a penalty of approximately $2 million as part of its re-entry strategy. The exchange intends to operate as an entity registered with the Financial Intelligence Unit (FIU) of the finance ministry, signaling its commitment to complying with Indian laws and regulations.
This move underscores Binance’s recognition of the importance of regulatory compliance in the Indian cryptocurrency landscape, particularly in light of the country’s stringent regulatory framework, including the Prevention of Money Laundering Act (PMLA) and the Virtual Digital Assets (VDA) taxation framework.
Regulatory Compliance and Tax Implications
Prior to its ban, Binance enjoyed a dominant position in the Indian cryptocurrency market, commanding nearly 90% of the country’s estimated $4-bi
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