Binance Returns to India with $2 Billion Penalty

• Binance has reportedly planned to return to India with a $2 billion penalty.
• The exchange will return as an entity registered with the Financial Intelligence Unit of the finance ministry.
• The platform has decided to convert SAFU assets into USDC, bolstering reliability and stability at $1bn.

In an astounding revelation, Binance announced its return to India as an entity registered with the Financial Intelligence Unit (FIU) of the financial ministry. The exchange plans to reform its South Asian entity and resume its services in India with a $2 million penalty.

Previously, the Indian government banned global virtual asset exchanges like Binance, KuCoin, and OKX, claiming that they do not comply with the country’s regulatory policies. In December 2023, these companies were sent show-case notices warning them against their violation of local tax rules and anti-money laundering laws.

The Economic Times reported on the matter, citing information fetched from sources with knowledge. One such source stated that the company would restart complying with all the applicable laws, including the Prevention…

The post Binance Returns to India with $2 Billion Penalty appeared first on Coin Edition.