Thursday, May 23, 2024

Crypto Report: Binance Eyes Return to India After $2 Million Fine

According to a story published in the Economic Times on Thursday, Binance, the cryptocurrency exchange that was banned from India a few months ago, plans to re-enter the country by paying a $2 million fee.

After receiving compliance show cause notices from India’s Financial Intelligence Unit (FIU) earlier this year, Binance and a few other exchanges were taken down from the Apple Store in that country.

The other companies that received notices at the time were MEXC Global, Bitfinex, Gate.io, OKX, KuCoin, Huobi, Kraken, Bittrex, Bitstamp, and Bitfinex.

As per the ET article, which cited persons with knowledge of the situation, Binance will re-enter the nation as a FIU-registered company after paying the punishment.

As per the article, which cited a source, it is regrettable that it took Binance almost two years to acknowledge that discussions are out of the question and that no major global player can demand preferential treatment, particularly if it means putting the nation’s financial system at risk.

The FIU was not immediately available for comment, and Binance did not reply to CoinDesk’s previous request for comment.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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