Binance Resumes India Operations After Regulatory Compliance
TECH DIGEST – Global cryptocurrency exchange Binance has resumed operations in India following a seven-month ban imposed by local authorities. The company’s reinstatement comes after it successfully registered as a reporting entity with India’s Financial Intelligence Unit (FIU).
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Binance had been among several foreign crypto exchanges blocked by India late last year for operating illegally in the country. The government crackdown aimed to enhance anti-money laundering and counter-terrorism financing measures in the cryptocurrency sector.
Despite India’s strict regulatory stance, Binance expressed optimism about the country’s crypto market potential. The exchange highlighted its commitment to complying with local regulations and tailoring its services to meet the needs of Indian users.
However, challenges persist for the cryptocurrency industry in India. The Reserve Bank of India has maintained a cautious approach, while the government’s taxation policies have dampened investor enthusiasm. The recent hack of WazirX, a local exchange affiliated with Binance, further underscores the risks and uncertainties facing the sector.
