India Restores Binance Access After Exchange Cleared $2.25 Million Fine for PMLA Violations 6w4j6v Technology News

Binance' registration in India marks its 19th global licence. 5d6u1p

Written by Siddharth Suvarna | Updated: 16 August 2024 12:55 IST

India Restores Binance Access After Exchange Cleared $2.25 Million Fine for PMLA Violations

Photo Credit: Binance 2h6y33

Binance CEO Richard Teng said the exchange realises the vitality and potential of India’s VDA market

Highlights

Binance was blocked in India in December 2023
Binance was blocked for not being ed with the FIU
Binance’s website has been restored in India after seven months

ment

Binance s in India can now access the exchange's website after being blocked in December 2023. The crypto exchange, touted as the largest in the world, has finally completed its registration with India's Financial Intelligence Unit (FIU) and has also cleared the penalty of $2.25 million (roughly Rs. 18.8 crore) that was levied on it in June this year. The fine was levied as Binance did not adhere to India's Prevention of Money Laundering Act, 2002 (PMLA). With this, Binance is now up and running in India's web space.

For Dubai are among other locations where the exchange holds operational permits.

Binance CEO Richard Teng said that the company realises the vitality and potential of India's virtual digital assets (VDAs) market, commenting on its India registration.

TRAI Directs Indian Telcos to Stop Spam Calls, Blacklist Callers

“Our registration with the FIU-IND marks an important milestone in Binance's journey. This alignment with Indian regulations allows us to tailor our services for Indian s. It is a privilege to extend the reach of our platform to this thriving market, ing India's continued VDA evolution,” Teng noted.

Binance's registration with the FIU in India could have been completed in May. However, upon probe on the exchange, Indian authorities identified that Binance was not compliant with the PMLA laws, that are mandated for crypto firms to comply with in order to keep their operations running in the country.

As part of the PMLA laws, crypto exchanges are required to have their s complete their KYCs and monitor trading activities. Upon identifying suspicious transactions, the PMLA requires exchanges to report their observations to the relevant authorities.

Samsung Teams Up with NFT Game Illuvium to Promote Web3 TV Bundles

Now that Binance has cleared the fine for being non-compliant with India's PMLA laws, its access has been completely restored for Indian s.

“Implementing these industry-leading frameworks in the Indian market can meaningfully contribute to the local context and elevate market standards for all crypto exchanges. Not only is this beneficial for the Indian VDA industry, but, most importantly, it ensures stronger protections for s,” the exchange noted.

Despite this development, Binance's road ahead still has some bumps in India. The company, for instance, does not still have a physical presence in the country. In fact, Binance is scouting for locations where it could set up its headquarters.

In addition, Binance was recently served a notice for Rs. 772 crore (roughly $92 million) in GST charges. The Ahmedabad zonal unit of India's Directorate General of GST Intelligence (DGGI) issued this notice to the multi-national crypto exchange for levying a platform fee charge on Indian traders that reportedly reached the amount of at least Rs. 4,000 crore and was transferred to a foreign-based company.

Binance's response to this GST notice remains awaited.

Comments

For the latest reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.

Further reading: FIU-IND

Radhika Parashar

Email Radhika

Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at [email protected]. More