Binance has registered itself as a reporting entity with the Indian agency FIU.

About FIU

FIU (Financial Intelligence Unit) is under the Ministry of Finance, not an independent agency, and it is Binance's 19th global regulatory thing.

Unnecessary Registration

     According to Binance, its website and app are now fully available for Indian users. However, I don't think there was any use of such registration for this because Binance is a complex crypto business, and Indian crypto users were able to access it even before registration.

Tax Problem

     From now on, Binance will share data with FIU to give users all types of tax problems (1% TDS and 30% income tax) too. In TDS, 1% is charged for every move, no matter whether you gain or lose. In income tax, you will have to pay 30% of the gain, no matter how low the gain is.

Data Problem

     Some nonsense people are welcoming the move, but actual Binance users are worried about data. If Binance shares old data with the government, then multiple taxes will be levied, which means people will be financially ruined or will be declared financial criminals. However, experts believe that, to keep Binance's privacy policy, old data will not be shared unless there is a court order.