Now Binance India Asking Users to Provide Full Information Regarding Fund Deposit Source

Binance is ready to re-enter the Indian crypto market with FIU registration

Incrypto news, exchange news, Featured, FIU, Investing

Reportedly Binance is in the final phase of entry in the Indian crypto market, after 3 months of ban.

Binance is a top-ranked crypto exchange and also one of the top choices among Indian crypto traders. In Jan of this year, many crypto exchanges, including Binance, were restricted to access in the Indian jurisdiction, as these exchanges were not registered with the Indian FIU body & some of them were not following other necessary measures e.g. the Prevention of Money Laundering Act (PMLA) as well as the VDA taxation framework.

Since the last few months, the majority of Indian Binance users have been accessing Binance exchange with the help of VPN services, which is unethical.

As per the latest local media reports, Binance crypto exchange agreed to pay a $2 million penalty and also agreed to comply with all the necessary measures which are required for any crypto exchange to run operations in the country.

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So far no statement from Indian government agencies or the Binance Crypto exchange has come to the public domain but media reports claimed that persons close to this matter revealed that the Binance team engaged with the Indian government agencies to settle the matter & make the Binance platform to comply with all necessary measures e.g. 1% TDS cut at every crypto transaction, PMLA, etc.

It is worth it to note that almost all the Indian crypto exchanges are registered with all the required government agencies to comply with laws but KuCoin crypto exchange became the first ever foreign crypto exchange in the Indian market which secured FIU registration & introduced the VDA taxation framework to comply with all the rules.