After a $2.25M fine and a seven-month ban, Binance, which is now a registered reporting business, restarts operations in India and offers full service access once again.
After a seven-month suspension, Binance has successfully registered as a “reporting entity” with the Financial Intelligence Unit of India. As a result, following a $2.25 million settlement, the cryptocurrency exchange has fully functionalized both its website and mobile applications for users in India.
Binance URL Is Now Completely Available
One of the leading cryptocurrency exchanges, Binance, has recently reached a significant milestone in the Indian market by allowing consumers in that country to access its URL without blocking it. After paying a sizable fee and registering with the Financial Intelligence Unit (FIU), the URL is unblocked. With this action, the exchange reaches its 19th worldwide regulatory milestone.
The cryptocurrency exchange has previously settled a lawsuit for violating Indian legislation by paying a fine exceeding $2.25 million. They were hit with the fine because they didn’t follow India’s anti-money laundering laws. The FIU claims that the exchange was operating inside the nation without the required registration and was not adhering to local anti-money laundering regulations.
Earlier, the Indian government blocked the URLs of nine platforms, including Binance, OKX, and KuCoin, in an apparent attempt to demonstrate their opposition to offshore cryptocurrency exchanges. However, Titan Exchanges’ reinstatement of its services in India is the result of its compliance with regulatory requirements and payment of the punishment.
Given that just a small number of cryptocurrency exchanges have begun to demonstrate compliance, this action may encourage others to follow suit and adhere to regional laws. In the global cryptocurrency sector, regulatory compliance is becoming increasingly important.Although Indian users can now access the URL, since this is a new achievement for its Indian user base, it is unclear how this would affect the local cryptocurrency trading market.
India Tax Bill on Binance
The Indian government most recently sent Binance a sizable tax bill. This bill was sent to the exchange by the Directorate General of GST Intelligence’s Ahmedabad unit, requesting the payment of $86,033,159 in goods and services tax.
According to the tax recovery notice, the exchange accepted certain fees from Indian users who traded virtual digital assets on their site without following the correct procedures and registering under the country’s GST system. This move demonstrated India’s continued efforts to include bitcoin activity within its tax laws.