Regulation
Binance URL Unblocked In India After FIU Registration
The Binance website has now been fully restored and the URL is now accessible to all Indian users. The exchange had faced regulatory issues in India resulting to various stringent actions taken. However, amid various fines settlements, the exchange is now gaining footing in the Indian market.
Binance URL Now Fully Accessible
Binance, one of the top crypto exchanges, has now achieved a milestone in the Indian market as its URL gets unblocked and accessible to users in that region. The URL unblocking follows its registration with the Financial Intelligence Unit (FIU) and payment of a substantial fine.
The crypto exchange had earlier paid a fine of over $2.25 million for previous non-compliance with Indian regulations. The fine was imposed due to their failure to adhere to India’s anti-money laundering regulations. According to the FIU, the exchange had been carrying out its operations within the country without proper registration and had not complied with local AML requirements.
Previously, the Indian government made a clear declaration of their stance against offshore crypto exchanges, blocking the URLs of nine platforms, which included Binance, OKX, and KuCoin. However, the titan exchanges’ compliance with regulatory demands and payment of the fine has led to the restoration of its services in India.
This move has the potential to open doors for other crypto exchanges to follow suit and comply with local regulations, as few have already started showing compliance. The growing importance of regulatory compliance in the global crypto market has gained more traction. While Indian users now get access to to the URL, it remains to be seen how this will impact the local crypto trading scene, as this is a new milestone attained for its Indian user base.
India Tax Bill On Binance
Most recently, the Indian government issued a substantial tax bill to Binance. The Ahmedabad unit of the Directorate General of GST Intelligence issued this bill to the exchange, demanding a payment of $86,033,159 in Goods and Services Tax.
The tax recovery notice alleges that the exchange received certain fees from Indian customers trading virtual digital assets on their platform without going through the proper channels by registering under India’s GST framework. This action showcased India’s ongoing efforts to bring cryptocurrency operations under its tax regulations.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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