Binance and nine other foreign crypto exchanges were originally blocked in India due to non-compliance with the country’s Anti-Money Laundering (AML) regulations, but Binance is set to return after a four-month absence by paying a $2-million fine, according to The Economic Times. The Indian Financial Intelligence Unit (FIU) mandated that foreign crypto exchanges, including Binance, which previously accounted for over 90% of India’s crypto trading volume, register with FIU and comply with the same regulations as local exchanges to operate in India. Kucoin and Binance, after agreeing to comply and registering with the FIU, have made moves to re-enter the Indian market, with Kucoin implementing a 1% tax deduction at source (TDS), a precedent that other foreign exchanges will need to follow to operate in India.
Binance Set to Re-Enter Indian Market With $2 Million Fine Settlement
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