Binance is rumored to be planning to pay a $2 million fine! To return to the Indian market

Cryptocurrency exchange Binance was accused by the Indian government of "illegal operations" a few months ago, and even its application was removed from the Indian App Store. The latest news indicates that Binance intends to pay a fine of US$2 million in order to seek to return to the Indian market.

India's "Economic Times" quoted people familiar with the matter this morning (18th) as saying that after paying the fine, Binance will be able to start operations as a company registered with the Financial Intelligence Unit (FIU) of the Ministry of Finance and return to business. Indian market.

This means that Binance must comply with local laws and regulations, including the Prevention of Money Laundering Act (PMLA) and the Virtual Digital Assets (VDA) tax framework.

However, the report also pointed out that the Indian government did not confirm the amount of the US$2 million fine or its calculation method.

India’s FIU sent compliance notices to nine unregistered cryptocurrency exchanges including Binance, Kucoin, and Huobi in December last year, accusing these exchanges of “illegal operations” in the area and suspected violations of the Money Laundering Prevention Act. The apps of these exchanges were subsequently removed from the Indian App Store.

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