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Binance Could Come Back to India by Paying $2M Fine: Report
The exchange could return as a FIU-registered firm after paying the fine, the report added.
Updated Apr 18, 2024, 9:29 a.m. Published Apr 18, 2024, 6:39 a.m.
- Binance and nine other exchanges were sent show cause notice by the Indian government some months ago.
- Earlier this year, the exchange was removed from the Apple Store in India.
Binance, the cryptocurrency exchange that was removed from India some months ago, is looking to re-enter India by paying a $2 million fine, the Economic Times reported on Thursday.
Earlier this year, Binance and some other exchanges were removed from the Apple Store in India after India’s Financial Intelligence Unit (FIU) sent them compliance show cause notices.
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OKX, KuCoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global and Bitfinex were the other firms that were sent notices at the time.
After paying the fine, Binance will return to the country as an FIU-registered firm, the ET report added, citing people aware of the developments.
It is “unfortunate that it took (Binance) more than two years to realize there is no room for negotiations, and (that) no global powerhouse can command special treatment, especially at the cost of exposing the country’s financial system to vulnerabilities,” the report said, citing a source.
Binance did not respond to CoinDesk’s earlier request for comment, while the FIU was not immediately available for comment.
UPDATE (April 18, 09:28 UTC): Updates Binance’s response in the sixth paragraph.
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