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Binance, facing a ban by the Indian government in January alongside eight other platforms for non-compliance with regulatory standards, reportedly aims to pay a $2 million penalty to reopen its operations in India. Following the ban, both Apple and Google removed apps associated with these platforms from the region.
Reports suggest that Binance intends to register with India’s Financial Intelligence Unit and revamp its South Asian operations, striving to adhere to all pertinent regulations, including tax and anti-money laundering laws.
Binance South Asia affirmed its commitment to regulatory compliance and ongoing dialogue with global regulators to ensure service availability. Prior to the ban, Binance held 90% of Indian investors’ holdings, approximately $4 billion, potentially due to the absence of a 1% tax deduction as mandated by local tax laws.
The prospect of Binance reentering the Indian market, one of the world’s largest with a substantial crypto investor base, could lead to a significant uptick in the platform’s BNB token price, reflecting the potential gains from tapping into this lucrative market segment.
