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Binance seeks to re-enter India by paying $2 million in penalty: report

Binance, the world’s largest cryptocurrency exchange, is preparing to return to India by paying a $2 million penalty, India’s Economic Times reported, citing sources with knowledge of the matter. 

The exchange reportedly aims to reform its South Asian entity to become fully registered with India’s Financial Intelligence Unit, which oversees the local trade of digital assets, and is working to comply with all applicable regulations, including local money laundering and taxation laws.  

In January, the Indian government blocked nine crypto websites for illegal operations without proper compliance with local regulations. Following the government action, Apple and Google stores removed crypto exchange apps from the region. 

“We remain committed to complying with local regulations and maintaining dialogue with regulators worldwide to ensure the continued availability of our services,” Binance South Asia’s X account said in January.

Prior to the ban, Binance accounted for around 90% of the crypto holdings of Indian investors, estimated at $4 billion, according to the Economic Times. Its previous dominance over the market could be attributed to its non-compliance with local tax laws, allowing users to trade crypto without paying 1% tax deducted at source, the report said. 

Binance and the FIU did not immediately respond to The Block’s request to confirm and clarify the details of the planned return to India.

 

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

 

About Author

Danny Park is an East Asia reporter at The Block writing on topics including Web3 developments and crypto regulations in the region. He was formerly a reporter at Forkast.News, where he actively covered the downfall of Terra-Luna and FTX. Based in Seoul, Danny has previously produced written and video content for media companies in Korea, Hong Kong and China. He holds a Bachelor of Journalism and Business Marketing from the University of Hong Kong.

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