As per a report from The Economic Times, Binance, a leading cryptocurrency exchange, is poised to re-enter the Indian market after a four-month hiatus. The exchange had been banned from offering its services in the country due to non-compliance with local laws.

However, Binance is now set to return to India by paying a $2-million fine for non-compliance.

This move by Binance comes after KuCoin, another overseas exchange, marked its return to the country by complying with India’s financial regulatory body’s requirements. It is worth noting that India has been cracking down on cryptocurrency trading, and access to exchanges has been blocked for non-compliance.

Binance’s return to the Indian market is likely to attract significant attention from crypto enthusiasts in the country.

In January 2021, the Indian Ministry of Finance’s Financial Intelligence Unit (FIU) took action against nine foreign cryptocurrency exchanges, including Binance, for non-compliance with India’s Anti-Money Laundering Act.

As a result, the FIU blocked access to the URLs and mobile applications of these exchanges. Binance, which was responsible for over 90% of India’s cryptocurrency trading volume, was among the exchanges that were banned.

This move was part of India’s wider crackdown on cryptocurrency, which has been gaining popularity in the country in recent years. The Indian government has expressed concerns about the use of cryptocurrency for illegal activities such as money laundering and terrorist financing.

The government has also been exploring the possibility of launching its own digital currency, which could provide a safer and more regulated alternative to existing cryptocurrencies.

Despite the ban, Binance has continued to offer its services to Indian users through alternative means, such as peer-to-peer trading. However, the government’s stance on cryptocurrency remains unclear, and it is uncertain whether the ban will be lifted or more stringent measures will be introduced in the future.

Also Read: South Korean Won Surpasses US Dollar in Cryptocurrency Trading Volume: Q1 2024 Report – Blockmagic