After a blockage earlier this year, Binance appears to be preparing for a return to the crypto market in India. For example, a fine of no less than $2 million was paid and they are probably working hard to reform the Binance branch in South Asia.
Ban on nine crypto websites
Earlier this year, the Indian government blocked no fewer than nine crypto websites. They all received a so-called compliance notice. They did not comply with local laws and regulations, which meant they were actually operating illegally. Until everything was in order, the websites were blocked.
Since the crypto websites did not comply with local laws and regulations, crypto traders in India were able to conduct trading transactions without paying 1% tax. After the government blockade, Google and Apple followed suit and removed these websites’ apps from the app stores.
Before the lockdowns, Binance was responsible for a whopping 90% of all trading cryptocurrencies in India. According to the Economic Times in India, the value of this amount would have been about $4 billion. The tax evasion method may have had an attractive effect on crypto traders and the question remains as to what Binance’s market share will be in the future.
A possible return for Binance
After the blockade in January reported Binance South Asia’s “X” account that they would continue to work on solutions to comply with local laws and regulations. To ensure the continuity of your services.
According to an official familiar with the situation, India has always expressed a clear position on Binance. However, according to him, it took more than two years for Binance to accept that negotiations or special treatment on the issue were not possible.
According to Economic Times, Binance is preparing to return to the Indian crypto market. The crypto exchange is said to have already paid a $2 million fine to the Indian government. Additionally, they are currently reforming the Binance South Asia office to be fully compliant with all laws and regulations. This means that registration with the Financial Intelligence Unit, the Indian financial regulator, will also be possible in the future.
