- Binance received official registration from India’s Financial Intelligence Unit after months of tussle with regulators.
- Binance is the second offshore crypto exchange to receive the anti-money laundering unit’s approval after KuCoin.
- BNB price wiped out 1% of its value this week.
Crypto exchange Binance has made a comeback to the Indian crypto market after receiving the official registration from India’s financial intelligence agency, according to a report by the local news outlet Moneycontrol. The Financial Intelligence Unit’s (FIU) director gave on Friday a statement on the initial registration of the exchange.
Binance could soon resume services for Indian crypto users
India’s FIU had blocked Binance, KuCoin, and seven other global cryptocurrency exchanges for violating local anti-money laundering laws. Following the order of the agency, the mobile applications of these cryptocurrency exchanges were removed from Google's Play Store and Apple's App Store for Indian users.
Reports from a local news outlet Moneycontrol state that Binance is working on resuming its operations in India after the exchange has acquired an official registration with the FIU. The agency’s director, Vivek Aggarwal, said at a workshop conducted by Bharat Web3 Association in New Delhi that KuCoin is fully registered and operational after paying a penalty of INR 3.45 million ($41,303).
Aggarwal said that Binance is yet to resume operations and the penalty has not been decided yet. The exchange has completed its initial registration with the FIU and the discussion on the penalty and compliance proceedings is underway.
Indian crypto market is the world’s second largest
A 2023 global report on crypto by Chainalysis showed the Indian crypto market as the second largest in the world. The report states that India received $260 billion in cryptocurrencies in between July 2022 and June 2023.
India is the second-largest market
Binance could soon reopen doors to the second-largest market of crypto users after the settlement of penalties.
BNB price is $587.50 at the time of writing, losing nearly 1% on the week.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Celebrity meme coins controversy continues amid Pump.fun revenue dominance
Pump.fun outperformed the Ethereum blockchain on Tuesday after raking in $1.99 million. Following this achievement, a meme coin based on actress Sydney Sweeney was the subject of controversy after its developers dumped their bags on investors.
PEPE's on-chain metrics indicate potential rally after weeks of silence
PEPE has struggled to see any significant price move after reaching an all-time high in May. Increased adoption rate and low MVRV ratio indicate a bullish run may be on the horizon. A single PEPE outflow from Binance worth $14.7 million gives credence to signs of bullish expectation.
Ethereum has failed to overcome key resistance despite bullish sentiment surrounding ETH ETF
Ethereum (ETH) is down more than 1.4% on Tuesday following another ETH sale from the Ethereum Foundation. Meanwhile, crypto exchange Gemini's recent report reveals that ETH ETF could see about $5 billion in net inflows within six months of launch.
Crypto community blasts Polkadot following report of treasury spending
Polkadot reports $87 million of treasury spending during H1. Crypto community members expressed harsh feelings toward the DOT team's high spending. DOT is up more than 2% in the past 24 hours but risks correction following the report.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.