Binance, the world’s largest cryptocurrency exchange, has triumphantly returned to the Indian crypto scene after a period of India regulatory hurdles.
However, Binance had to pay a hefty penalty of $2 million in a gesture that shows it intends to comply with the Financial Intelligence Unit (FIU) and the Prevention of Money Laundering Act (PMLA) guidelines.
According to a Reuters report, along with Binance, offshore crypto exchange KuCoin has also registered with the FIU and has resumed operations after paying a fine.
Glad to see #Binance & #KuCoin receives green signal from Indian financial intelligence unit, officially registered!!
A good sign and big relief for India #crypto lovers#cryptocurrencynews #cryptotrading #CryptoCommunity pic.twitter.com/CQSYIifwdp
— Crypto Patel (@CryptoPatel) May 10, 2024
Earlier in January 2024, Binance and KuCoin faced a ban from operating in India due to non-compliance with the FIU and PMLA guidelines. The path to re-entry involved hefty fines to set a precedent for other platforms seeking to operate within the legal confines of the Indian market.
One Of The Highest Rates Of Crypto Adoption In India
This development is particularly significant, considering India’s position as the world’s second-largest crypto market, with the country receiving $260 billion in crypto between July 2022 and July 2023.
Binance and KuCoin’s re-entry into India is poised to reshape the market dynamics, offering investors opportunities and access to a wider variety of crypto assets. It also signals a positive shift in India’s regulatory stance towards crypto, instilling confidence among investors and traders.
"Mass adoption of #cryptocurrency is no more a distant dream 🚀. India reverses crypto ban, opens new heights of possibilities! Is this the beginning of a financial revolution? Time will tell! 💰🌎🤔 #CryptoNews 🇮🇳https://t.co/2SBKFlwl2v"
— evepredict.ai e/acc (@evepredict) May 13, 2024
By settling the fine and committing to full legal compliance, Binance is paving the way for a more transparent and sustainable crypto ecosystem in India.
Binance’s return to the Indian market represents a watershed moment in the regulation of offshore crypto entities and signifies a paradigm shift in the country’s approach to digital asset oversight – with a return of major firms and cryptocurrency exchanges.
EXPLORE: New Upcoming Binance Listings In 2024
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
