Binance has officially resumed operations in India after paying a $2.25 million fine to the Financial Intelligence Unit of India (FIU). Earlier today, Binance also agreed to pay a $1.75 million fine to settle disputes with the Brazilian SEC. Later in the day, Binance announced that Indian users can now fully access its website and app.

Recognized as a "reporting entity" with the FIU, Binance has been allowed to resume operations after being blocked since January. In December 2023, the FIU demanded that Binance explain why it was providing services in India without complying with anti-money laundering (AML) regulations. By early 2024, Binance and 12 other exchanges were banned in India for "illegal activities." On June 20th, the FIU imposed a $2.25 million fine on Binance for violations related to reporting and transaction monitoring.

Before the ban, Binance held 90% of India's crypto trading volume, estimated at $4 billion. Although Binance resolved its issues with the FIU, it is still being pursued by the Directorate General of Goods and Services Tax Intelligence (DGGI) for $86 million in taxes, accusing the exchange of earning $476 million in transaction fees from Indian customers between July 2017 and March 2024. Binance is expected to address this matter soon to ensure stable operations in India.

CEO Richard Teng stated that India is the 19th country where Binance has fully complied with legal regulations and expressed gratitude to the Indian user community for their continued support.

Source: https://analysis.unich.com/binance-returns-to-the-indian-market-after-paying-a-2-25-million-fine/