According to the Economic Times , cryptocurrency exchange Binance is preparing to return to India after paying a $2 million fine to the government.
Binance is willing to pay a $2 million fine to return to the Indian market. Photo: Binance
The move comes as the world's largest cryptocurrency exchange aims to reform its organization in the South Asia region to become fully registered with India's Financial Intelligence Unit. It is the local digital asset trade watchdog and is working to comply with all applicable regulations, including local tax and money laundering laws.
According to Indian media The Economic Times, Binance is preparing to return to India, it will pay a fine of approximately US$2 million. Binance will return as an entity registered with the Treasury Department's Financial Intelligence Unit and comply with all applicable laws,…
— Wu Blockchain (@WuBlockchain) April 18, 2024
In January, the Indian government blocked nine cryptocurrency websites that operated illegally and did not comply with government regulations. Following this action, Apple and Google's app stores removed cryptocurrency trading apps from the region.
“We remain committed to complying with government regulations and maintaining dialogue with regulators around the world to ensure the continuous delivery of our services,” said a Binance South Asia representative. know on X in January 2024.
According to Economic Times , before the ban, Binance accounted for about 90% of Indian investors' cryptocurrency volume , estimated to be worth $4 billion. The report said the reason Binance dominates the market could be due to non-compliance with local government tax laws. This allows users to trade cryptocurrencies without paying the 1% tax deducted at source.
Recently, Binance changed 100% of assets in the SAFU user protection fund to stablecoin USDC. Accordingly, storing under a transparent stablecoin like USDC will ensure the fund maintains stability, especially when the market has many changes before the upcoming halving event, scheduled to take place on the evening of April 20. (Vietnam time). As Coin68 reported, although the Bitcoin halving event is approaching, Bitcoin price is still on a downward trend with Capital outflow still accounting mainly from ETFs.
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