The post Binance Resumes India Operations After $2M Fine: Report appeared first on Coinpedia Fintech News
Binance, the world’s largest cryptocurrency exchange, is set to return to India after being banned earlier. According to the local report, Binance will pay a penalty of around $2 million to re-enter the market to ensure compliance with the Prevention of Money Laundering Act (PMLA) and VDA. This move is significant as it indicates a shift towards regulatory compliance and maturity in the cryptocurrency industry.
Binance’s Return to India
In January, the Indian government blocked nine crypto websites for not following local rules. As a result, Apple and Google removed crypto exchange apps in the region. Binance, after the re-entry, has committed to complying with all relevant regulations. Binance South Asia’s X account said they’re committed to following rules and talking with regulators to keep their services available.
Impact on Crypto
However, before the ban
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