Binace to resume in India after paying $2 million in penalties

Binance, the well-known cryptocurrency exchange, is planning to enter the Indian market after paying a $2 million (estimated) penalty to the Indian government. The news is coming that Binance is going to follow the rules and regulations and will restart its operation after registering itself as a (Financial Intelligence Unit) FIU-registered entity. 

If Binance in India is started again, we can see a change in crypto market dynamics, more liquidity, and a higher number of trades. India and Indians love the share market and investing in cryptocurrency. The main focus will be on higher liquidity and smoother processes in Ethereum and Bitcoin.  

Let’s Know Some Binance Facts

1. Binance was banned due to non-compliance with some rules in India in January 2024.
2. In addition, eight more offshore crypto platforms were restricted and banned in India.
3. Binance had a $4b crypto holding before it was barred in India. This money includes the “lion’s share of Indians.”
4. Binance is the world’s largest crypto exchange by trade volume and assets.

Binance Future

The main task of the Financial Intelligence Unit is to keep an eye on trades in virtual digital assets( VDA). Binance can only restart its operations if they comply with all applicable laws, such as the Prevention of Money Laundering Act (PMLA) and the VDA Taxation Framework. 

India has a very clear stand on these digital asset trading platforms; one must comply with all the necessary rules and laws to do business in India. Binance suffered millions of losses in these years. With a strong Modi government and Lok Sabha elections in 2024, the Indian government is not in the mood for any negotiations and is giving special treatment to powerhouses that do not follow Indian government rules. 

Coinmarketcap on Binance

Based on the world’s largest crypto information website, Coinmarketcap, Binance has the highest number of transactions in crypto trading. In the last 24 hours only, the trading volume rose to a total of $22 billion, which was around 25% of the total global volume. Binance and eight other platforms were banned due to non-compliance with PMLA and FIU guidelines, resulting in the removal of these apps from the Play Store and Apple Store in India.

As per Binance’s official website, it operates in more than 100 countries without a specific headquarters. It operates mainly in Malta, the Seychelles, the Cayman Islands, and Singapore. 

FAQs

1. What is the Binance coin price?

It was around 46,715.09 INR on April 20, 2024 in India.

2. When did the Binance India ban happen?

It happened in January with 8 other platforms, such as Kucoin, OKX, Gate.io, etc. 

3. Can Binance be trusted?

If Binance follows the guidelines and rules of your country, then you can trade on it. But we recommend that before doing any investment or trading, seek the help of your financial advisor to reduce risk. We do not take any responsibility for your loss.