Binance Resumes Operations in India After $2.25 Million Fine
Binance’s reactivation in India following a $2.25 million fine underscores its commitment to regulatory compliance and could revitalise the Indian cryptocurrency market.
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Binance is back to the Indian market? How will the Indian encryption market landscape change?
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The Binance website is now accessible in India after the government blocked it and other offshore crypto exchanges on January 12, 2024. This action was due to non-compliance with India's anti-money laundering laws.
India’s Strict Crypto Regulation
In December 2023, the Indian finance ministry issued show-cause notices to these platforms. Kucoin was the first to register with the Financial Intelligence Unit (FIU) and paid a fine of ₹34.5 lakh, leading to the unblocking of its URL in March. Binance filed for FIU registration in April, paying a hefty fine of ₹18.82 Crore. In contrast, OKX chose to discontinue its services in India.
Binance services partially restored in India
While the Binance URL is accessible, its app remains unavailable on the Play Store and App Store. There has been no official statement from Binance on social media or their blog, yet users report being able to access the website, suggesting a complete unblocking.
Source : Binance official website
Market Impact
Before the ban, Binance accounted for nearly 90% of the estimated $4-billion crypto holdings of Indian nationals. Its dominance was largely due to the platform's non-compliance with tax laws, enabling investors to avoid the 1% tax deducted at source (TDS) required on registered exchanges.
Industry Perspective
Manhar Garegrat, India head at crypto custody solutions provider Liminal, stated that Binance's return signifies a victory that could mature the Indian crypto industry.
India's Crypto Landscape
A Chainalysis report ranked India as the world's second-largest crypto market in 2023. Between July 2022 and June 2023, India acquired $300 billion worth of cryptocurrency.
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