Binance Plans to Get India Ban Revoked, Working on Compliance Mandates: Report

Apr18,2024



Leaving India's crypto market is not easy for Binance, which is now working on re-entering the country. Known as the largest exchange for cryptocurrencies in the world, Binance recently lost its operating permit in India as it did not meet the compliance guidelines set by the Indian government for Web3 firms. The exchange is now stepping up efforts to get its ban overturned in India and to do so, it is working to bring its operations in line with Indian laws.

Binance may agree to pay $2 million (about Rs 16.7 crore) in fines to the Indian government, The Economic Times reported on Thursday, April 19, citing unnamed sources familiar with the matter.

The platform is reportedly working to register with India's Financial Intelligence Unit (FIU) to return as an officially licensed entity to operate in India. It is also working to comply with the India taxation framework for digital assets along with agreeing to comply with the directions of the Prevention of Money Laundering Act (PMLA).

As of now, Binance has neither agreed nor denied the ET report. The company has also not yet given any official statement regarding returning to India. The last few months have not been at all good for Binance as it faced legal issues in several international locations.

Last month, Nigerian authorities summoned Binance CEO Richard Teng to investigate Binance's suspected involvement in processing illegal transactions without identifying and reporting them.

After losing its operating permit in India, Binance was also banned in the Philippines for not obtaining the necessary licenses.

To assist Teng in managing Binance's operations, the company appointed its first board of directors earlier this month.

In December 2023, when India said it was going to block all crypto firms that do not have approval from the FIU, the Binance app disappeared from Apple's App Store and Google's Play Store in India. It seems that the platform does not want to leave the Indian market due to regulatory non-compliance.

Meanwhile, the exchange has sold its entire business in Russia to ComEx due to compliance concerns.


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