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Binance Relaunches in India After Paying Fine

Binance resumes operations after paying a $2.25M fine to India's FIU.
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Aug 15, 2024 • 1 min read

Binance has resumed offering services in India after paying a $2.25M fine to India’s Financial Intelligence Unit (FIU).

What’s the scoop?

  • Regulatory Compliance: The exchange is now registered as a "reporting entity" with the FIU, signaling its compliance with India’s anti-money laundering regulations.
  • Previous Blockade: Binance, along with eight other crypto platforms, has been blocked from operating in India since January due to non-compliance with local laws.

Bankless Take:

Binance's re-entry into India reflects a win for the exchange in navigating tight regulatory landscapes, especially given concerns that the recent WazirX hack would set back India’s adoption of crypto. As the country with the highest adoption of crypto last year, despite stringent regulatory requirements and high capital gains taxes, India is a critical market to have a presence in.

Not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.

Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here.

Published in Bankless

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