- Enrollment with the Financial Intelligence Unit (FIU) and a hefty penalty was made.
- The FIU claims the exchange was operating illegally inside the nation.
All users in India may now access the URL on the Binance website, since it has been completely restored. Several severe measures were implemented once the exchange encountered regulatory problems in India. But the exchange is now starting to make waves in India’s market, thanks to a slew of fine settlements.
As its URL becomes unblocked and available to users in that location, Binance, one of the leading cryptocurrency exchanges, has now reached an important turning point in the Indian market. Enrollment with the Financial Intelligence Unit (FIU) and a hefty penalty are prerequisites for the URL’s unblocking.
Compliance Requirements Fulfilled
Due to prior non-compliance with Indian regulations, the cryptocurrency exchange had to pay a fine of more than $2.25 million. Their violation of India’s anti-money laundering laws led to the imposition of the fine. The FIU claims the exchange was operating illegally inside the nation. Because it was not registered and was not following local anti-money laundering regulations.
Binance, OKX, and KuCoin were among nine platforms whose URLs were blocked by the Indian government after they made their position against offshore crypto exchanges plain. But, the exchange’s services in India have been restored after the company complied with regulatory requests and paid the penalty.
Since just a small number of crypto exchanges have begun to demonstrate compliance with local legislation, this action may pave the way for others to do the same.
Regulatory compliance is becoming an increasingly important factor in the global cryptocurrency sector. Now that its Indian user base has reached a new milestone—access to the URL—the local crypto trading sector is likely to be affected.
Read the full article here
