Binance has resumed offering its services in India after a seven-month suspension due to regulatory issues. The exchange confirmed in an X post published today, August 15, 2024, that it has officially registered as a reporting entity with India’s Financial Intelligence Unit (FIU).
In January 2024, FIU blocked the website URLs and mobile apps of Binance and eight other crypto exchanges for violating of India’s anti-money laundering laws and operating illegally within the country. Notably, in June, the regulator announced that the crypto exchange would be fined over $2.25 million for these violations.
However, this exchange’s move to relaunch its website and mobile apps in India began in May. The crypto exchange reportedly submitted an application for operational license, publicly declared its commitment to comply with all relevant laws and agreed to settle its grouse with the FIU.
The announcement of its successful registration with the FIU marks its 19th regulatory milestone globally.
Binance CEO Richard Teng expressed enthusiasm, stating,
“Our registration with the FIU-IND marks an important milestone in Binance’s journey.” “Recognizing the vitality and potential of the Indian VDA market, this alignment with Indian regulations allows us to tailor our services to the needs of Indian users. It is a privilege to extend the reach of our cutting-edge platform to this thriving market, supporting India’s continued VDA evolution.”
Meanwhile, the exchange is facing another regulatory hurdle as it returns to the country. The exchange recently received a $86 million tax show cause notice from the Ahmedabad zonal unit of the Directorate General of GST Intelligence (DGGI). Binance allegedly collected fees from Indian users for trading virtual digital assets on its platform without proper registration under the Indian Goods and Services Tax (GST) framework.
In another development, the exchange has disclosed plans to convert 15 delisted tokens, including Bitcoin Gold (BTG), Monero (XMR), and Tribe (TRIBE), to USDC starting on September 2. The exchange noted that the move was part of its strategy to streamline its offerings and manage risk.
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