Binance Could Come Back to India by Paying $2M Fine: Report

According to a report in The Economic Times on Thursday, Binance, the cryptocurrency trading platform that was previously banned in India, intends to make a comeback by paying a fine of approximately $2 million.

This year, India’s Financial Intelligence Unit (FIU) issued warning notices for non-compliance to Binance and certain other cryptocurrency exchanges, leading to their removal from the Apple App Store in India.

At that point, additional notices were issued to other exchanges such as OKX, KuCoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex.

Following the payment of the fine, Binance is expected to resume operations in the country as a legally registered firm under the Financial Intelligence Unit (FIU), according to sources familiar with the matter, as mentioned in the Economic Times report.

The report regretted that Binance didn’t recognize the need for negotiation within two years, and that even a dominant global player cannot demand preferential treatment, potentially putting a nation’s financial structure at risk. (Source)

Binance was not immediately available for comment.