Binance Is Working on Compliance Requirements and Plans to Revoke the India Ban: Report

Binance Is Working on Compliance Requirements and Plans to Revoke the India Ban: Report

In order to have its ban lifted in India, Binance is stepping up its efforts and aligning its business practises with local regulations.

Editor: Siddharth Suvarna, writer: Radhika Parashar; Updated: April 18, 2024, 15:29 IST

Since Binance is now attempting to reenter India, it is not simple to leave the country's cryptocurrency industry. Claimed to be the biggest cryptocurrency exchange globally, Binance has lost its license to operate in India for violating rules the Indian government set out for Web3 companies. The exchange is now attempting to bring its operations into compliance with Indian rules in an attempt to have its ban lifted in that country.

According to unnamed individuals acquainted with the situation, The Economic Times reported on Thursday, April 19, that Binance may be preparing to pay $2 million (about Rs. 16.7 crore) in fines to the Indian authorities.

According to reports, the platform is attempting to register with the Financial Intelligence Unit (FIU) of India in order to reappear as an organization with an official operating license in India. Along with agreeing to abide by the guidelines of the Prevention of Money Laundering Act (PMLA), it is also striving to comply with India's taxation structure for digital assets.

Binance has not yet confirmed or refuted ET's claim. Additionally, the business hasn't yet released any formal remarks on its intention to return to India. For Binance, the last few months have not exactly been easy, as it has encountered legal troubles in many foreign jurisdictions.

In order to look into Binance's possible role in processing illegal transactions without being able to detect and report them, Nigerian authorities summoned Binance CEO Richard Teng last month.

Due to its failure to get the required licenses, Binance was prohibited in the Philippines after losing its operating permissions in India.

Earlier this month, Binance formed its first-ever board of directors to help Teng oversee the operation of the firm.

When India said in December 2023 that it will shut down any cryptocurrency companies operating without FIU clearance, the Binance app vanished from both Google's Play Store and Apple's App Store in India. It seems that the platform does not want to exclude the Indian market due to noncompliance with regulations.