BNB Price Nears Crucial Breakout as Binance Resumes Operations in India

BNB price has been steadily rising for three consecutive days, pushing its value from $503 to $528— a 5% increase. This upswing ignores the broader market uncertainty following the Bitcoin consolidation around the $60,000 level.

Binance, the world’s largest cryptocurrency exchange by trading volume, has reportedly resumed its operations in India following its registration with the Financial Intelligence Unit (FIU).

This development comes after the Indian government blocked the URLs of several offshore cryptocurrency exchanges, including Binance, in 2020. The exchanges were accused of not fully adhering to the country’s anti-money laundering regulations.

However, Binance managed to resume its operations in India after paying a fine of $2.25 million to the FIU. The exchange also agreed to register with the FIU and set up a local office, as mandated by the Indian government.

noUPI payments through Binance yet

Despite resuming its operations in India, Binance is yet to offer UPI (Unified Payments Interface)決済 for cryptocurrency transactions. This決済 method is widely used in India and is expected to boost the adoption of cryptocurrencies in the country.

Nevertheless, Binance’s return to India is a significant development that could positively impact the cryptocurrency market in the country. Binance boasts a vast user base and liquidity, which could attract more Indians to the crypto space.

Moreover, Binance’s presence in India could also enhance the regulatory oversight of cryptocurrency exchanges, ensuring greater protection for users.

The above is the detailed content of BNB Price Nears Crucial Breakout as Binance Resumes Operations in India. For more information, please follow other related articles on the PHP Chinese website!