Binance, the world’s largest cryptocurrency exchange, is poised to re-enter the Indian market after paying a $2 million fine and registering as a Financial Intelligence Unit firm (FIU).
According to CoinDesk, Binance and nine other crypto exchanges were initially removed from the Apple store in India and banned after India’s Financial Intelligence Unit sent compliance show cause notices.
The notice was sent to Binance along with OKX, KuCoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex.
Now, it seems Binance will return to the Indian market as a registered FIU firm after complying with the country’s financial regulations and laws.
The move follows a prolonged negotiation period, during which Binance faced pressure to adhere to India’s financial standards. The re-entry entails complying with the Prevention of Money Laundering Act (PML Act) and Virtual Digital Assets (VDA) taxation framework.
This development marks a significant shift for Binance, which has faced scrutiny from multiple countries over allegations of money laundering and other financial irregularities. Amidst these challenges, Changpeng Zhao, CEO of Binance, recently stepped down.
