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

Thu 18 Apr 2024 ▪ 3 min of reading ▪ by Ariela R.
Getting informed ▪ Centralized Exchange (CEX)

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.

Actu crypto Binance

Binance Back in India: What Implications?

After being banned by the Indian government, crypto exchange Binance is making a striking comeback. This strategic decision, accompanied by a $2 million penalty, underscores the importance of regulatory compliance for cryptocurrency giants.

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:

  • the Anti-Money Laundering Act (PMLA),
  • the taxation framework for Virtual Digital Assets (VDA).
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What Impact on the Indian Crypto Market?

The reintegration of Binance promises to disrupt the dynamics of the Indian market. Before its ban, the platform held nearly 90% of the country’s estimated $4 billion in crypto holdings.

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.

Crypto Exchange Binance Returns to India: Opportunities and Challenges Ahead

Beyond its return, Binance announces ambitious projects in India. This includes:

  • localized payment solutions,
  • investments in the blockchain ecosystem.

This decision aligns with broader global trends, as financial regulators in some countries are increasingly embracing cryptocurrencies. For example, Hong Kong has just approved Bitcoin and Ethereum ETFs.

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.

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Ariela R. avatar
Ariela R.

Je m'appelle Ariela et j'ai 31 ans. J'oeuvre dans le domaine de la rédaction web depuis maintenant 7 ans. Je n'ai découvert le trading et la cryptomonnaie que depuis quelques années. Mais c'est un univers qui m'intéresse beaucoup. Et les sujets traités au sein de la plateforme me permettent d'en apprendre davantage. Chanteuse à mes heures perdues, je cultive aussi une grande passion pour la musique et la lecture (et les animaux !)

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.