2024

Million

April

Fine

<h4><span id="input-sentence~0"><strong>Crypto exchange Binance is set to return to India after months away from the nation.</strong></span></h4> 
<p><span id="input-sentence~0">Indian regulators accused Binance of failing to comply with local policies. As a result, Binance will pay a $2 million fine. Let’s discover more about this important news for Binance.&nbsp;</span></p> 
<h5><strong>Binance Returns to India</strong></h5> 
<p><span id="input-sentence~1">Indian regulators acted against crypto exchanges such as OKX, Kucoin, and Binance. India’s Financial Intelligence Unit (FIU) claimed these exchanges were non-compliant with local rules. </span>Binance looks set to re-enter the country’s market as it has <a href="https://economictimes.indiatimes.com/tech/technology/binance-coins-a-new-phase-in-india/articleshow/109382161.cms" target="_blank" rel="noopener">reportedly</a> agreed to a fine.<span id="input-sentence~2"> The settlement grants Binance a new status. The exchange will operate as a registered entity.</span></p> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <p lang="en" dir="ltr">.<a href="https://twitter.com/binance?ref_src=twsrc%5Etfw">@binance</a> could make a comeback in India by paying a $2 million fine, according to a report.<a href="https://t.co/J5fRtXggHT">https://t.co/J5fRtXggHT</a></p> 
 <p>— CoinDesk (@CoinDesk) <a href="https://twitter.com/CoinDesk/status/1780998900054175837?ref_src=twsrc%5Etfw">April 18, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p>However, Binance’s delay in compliance drew criticism. A source noted that the exchange’s compliance with regulations is important to India’s financial system.</p> 
<h5><strong>India and its Strict Crypto Rules</strong></h5> 
<p><span style="font-weight: 400;"><span id="input-sentence~2">Binance held a strong position within the Indian market after its entrance.</span><span id="input-sentence~3"> The exchange reportedly accounted for over 90% of the trading volume for the Asian giant. Like most countries, Indians view cryptocurrency as a way to battle their poor economy and inflation. Interestingly, locals turned to foreign exchanges like Binance to evade heavy tax burdens.</span><span id="input-sentence~4"> Indian laws demand crypto users to fork out huge amounts in tax.</span></span></p> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <p lang="en" dir="ltr">Good news for Crypto India! <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f1ee-1f1f3.png" alt="🇮🇳" class="wp-smiley" style="height: 1em; max-height: 1em;"><a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw">#Binance</a> is coming back to India, paying a $2 million penalty, and seeking compliance with PMLA! <a href="https://t.co/iivm4oySP4">pic.twitter.com/iivm4oySP4</a></p> 
 <p>— IshitaPandey.eth (@IshitaaPandey) <a href="https://twitter.com/IshitaaPandey/status/1780833145165947075?ref_src=twsrc%5Etfw">April 18, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p>As expected, the Indian government reacted swiftly to the use of foreign crypto exchanges. They restricted crypto platforms without <a href="https://fiuindia.gov.in/" target="_blank" rel="noopener">FIU registration</a>. Now, with FIU registration, these exchanges must comply with Indian regulations.<span id="input-sentence~5"></span></p> 
<p>At first, most people believed the exchange would struggle to accept these terms. The exchange has faced heavy regulatory scrutiny in most countries. Interestingly, some crypto exchanges are already implementing the new tax policies.</p> 
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<h6><strong>Disclaimer</strong></h6> 
<p>The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.</p> 
<p>The post <a href="https://www.altcoinbuzz.io/cryptocurrency-news/binance-cleared-to-re-enter-india-following-2-million-fine/">Binance Cleared to Re-enter India Following $2 Million Fine</a> appeared first on <a href="https://www.altcoinbuzz.io">Altcoin Buzz</a>.</p>

Binance Cleared to Re-enter India Following $2 Million Fine

Altcoin Buzz

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