Binance To Pay $2 Mn Penalty For Its Comeback In India

Global crypto exchange Binance is poised to make a return in India by paying a hefty penalty of about USD 2 million, according to a media report on Thursday.

Binance, which accounted for about USD 4 billion of crypto sharing in India, was banned by the government in January for noncompliance. The crypto enthusiastic will cherish this comeback. However, the crypto exchange will return as an entity registered with the Financial Intelligence Unit (FIU) of the Finance Ministry. 

FIU oversees the trade in virtual digital assets (VDA).

Binance's second inning in India is committed to adhering all relevant regulations, such as the Prevention of Money Laundering Act (PMLA) and the VDA taxation framework. Previously, the company had been negligently disregarding these guidelines.

India has consistently demonstrated a firm position on regulations on international cryptocurrency exchanges.