Ethereum

2024

Impact

April

<p>The global leader in cryptography, Binance, is preparing to re-enter the Indian market after a $2 million fine. For members of the crypto community, it’s a sign of its commitment to complying with local laws.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <div class="entry-content-asset">
   <div class="social-embed-container">
    <blockquote class="twitter-tweet" data-width="500" data-dnt="true">
     <p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;">BREAKING:<img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://twitter.com/binance?ref_src=twsrc%5Etfw">@binance</a> To Re-Enter India As FIU-Registered Exchange After $2M Penalty<img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f4b0.png" alt="💰" class="wp-smiley" style="height: 1em; max-height: 1em;"><br><br><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6ce.png" alt="🛎" class="wp-smiley" style="height: 1em; max-height: 1em;">Follow <a href="https://twitter.com/CoinGapeMedia?ref_src=twsrc%5Etfw">@CoinGapeMedia</a> <a href="https://t.co/NX6FBHLRKA">https://t.co/NX6FBHLRKA</a></p>— Crypto News (CoinGape) (@CoinGapeMedia) <a href="https://twitter.com/CoinGapeMedia/status/1780840705608331269?ref_src=twsrc%5Etfw">April 18, 2024</a>
    </blockquote>
    <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
   </div>
  </div> 
 </div>
</figure> 
<h2 id="h-binance-back-in-india-what-implications">Binance Back in India: What Implications?</h2> 
<p>After being <a href="https://www.cointribune.com/en/the-difficult-adaptation-of-binance-to-indian-crypto-regulation/" target="_blank" rel="noreferrer noopener">banned by the Indian government</a>, crypto exchange Binance is making a striking comeback. This strategic decision, <strong>accompanied by a $2 million penalty,</strong> underscores the importance of regulatory compliance for cryptocurrency giants.</p>
<div class="my-4">
 <div class="ads " data-page-type="" data-location="1"> 
 </div> 
</div> 
<p>According to sources close to the matter, Binance will pay this fine as part of its re-entry strategy. The crypto exchange is thus committing to comply with Indian laws and regulations, especially referring to:</p> 
<ul> 
 <li><strong>the Anti-Money Laundering Act (<a href="https://www.samifin.gov.mg/fr/loi-sur-sur-la-lutte-contre-le-blanchiment-de-capitaux-et-le-financement-du-terrorisme#:~:text=Le%2013%20d%C3%A9cembre%202023%2C%20l,et%20le%20financement%20du%20terrorisme." target="_blank" rel="noreferrer noopener">PMLA</a>),</strong></li> 
 <li><strong>the taxation framework for Virtual Digital Assets (VDA).</strong></li> 
</ul> 
<div class="affiliate-button"> <span class="affiliate-button__link obfuscated-link" data-href="https://www.cointribune.com/newsletters/" data-target="_blank" data-rel="noreferrer noopener">Découvre notre newsletter gratuite</span> <span class="affiliate-button__disclaimer obfuscated-link" data-href="https://www.cointribune.com/en/sponsored-content/" data-target="_blank" data-rel="noreferrer noopener">Ce lien utilise un programme d’affiliation</span> 
</div> 
<h2 id="h-what-impact-on-the-indian-crypto-market">What Impact on the Indian Crypto Market?</h2> 
<p>The reintegration of Binance promises to disrupt the dynamics of the Indian market. Before its ban, <strong>the platform held nearly 90% of the country’s estimated $4 billion in crypto holdings.</strong></p> 
<p>Non-compliance with tax laws, however, has led to a significant change in the behavior of Indian crypto investors. Many of them have moved their holdings to local exchanges, resulting in significant inflow for crypto platforms like CoinDCX and WazirX.</p> 
<h2 id="h-crypto-exchange-binance-returns-to-india-opportunities-and-challenges-ahead">Crypto Exchange Binance Returns to India: Opportunities and Challenges Ahead</h2> 
<p>Beyond its return, Binance announces <strong>ambitious projects in India</strong>. This includes:</p> 
<ul> 
 <li>localized payment solutions,</li> 
 <li>investments in the blockchain ecosystem.</li> 
</ul> 
<p>This decision aligns with <strong>broader global trends</strong>, as financial regulators in some countries are increasingly embracing cryptocurrencies. For example, <a href="https://www.cointribune.com/en/its-official-hong-kong-greenlights-first-bitcoin-and-ethereum-etfs/" target="_blank" rel="noreferrer noopener">Hong Kong</a> has just approved Bitcoin and Ethereum ETFs.</p> 
<p>One thing is certain: Binance’s return to India marks a major turning point for the crypto industry. It promises to redefine the Indian financial landscape.</p> 
<div class="affiliate-button"> <a class="affiliate-button__link" href="https://accounts.binance.com/en/register?ref=35547494" target="_blank" rel="noreferrer noopener">Acheter ses premières cryptos avec Binance</a> <a class="affiliate-button__disclaimer" href="https://www.cointribune.com/en/sponsored-content/" target="_blank" rel="noreferrer noopener">Ce lien utilise un programme d’affiliation</a> 
</div>

Crypto: Binance pays 2 million dollars to re-enter the Indian market

Table of Contents

Cointribune EN

Other articles published on Apr 18, 2024

Current Trends and Predictions in Cryptocurrency Trading

Google Searches for Bitcoin Halving Hit Record High Ahead of Event

Just In: Kraken Expands US Presence With TradeStation Crypto Buyup

XRP Lawyer John Deaton Bashes Senator Elizabeth Warren For Anti-Stablecoin Letter

Bitcoin Halving’s Potential Ripple Effect on Cryptocurrency Regulation

Shiba Inu Captures Market Attention with Surprising Resurgence

Join our free newsletter for daily crypto updates!