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.
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.
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
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.
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.
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.
Indian authorities uncovered $97 million in unpaid GST from crypto exchanges, with Binance owing $85 million. The government is cracking down on tax evasion, while Binance faces mounting global challenges, including regulatory issues in multiple countries.
WeatherlyBinance’s reactivation in India following a $2.25 million fine underscores its commitment to regulatory compliance and could revitalise the Indian cryptocurrency market.
Edmund"Binance strengthens user confidence with SAFU conversion to USDC, eyes return to Indian market amidst regulatory negotiations. Attains VASP license in Dubai, emphasizes compliance and transparency.
Xu LinIndia has heightened its crackdown on offshore crypto exchanges, leading Apple to remove apps of platforms like Binance and Bitfinex from its App Store within the country. Regulatory measures, including compliance notices and a 1% levy called Tax Deducted at Source (TDS), reflect India's commitment to enforcing crypto regulations, impacting both local and offshore exchanges.
JoyIndia’s Financial Intelligence Unit has taken steps to block the URLs of nine cryptocurrency exchanges. The move comes as the FIU claims these exchanges are "operating illegally" and not complying with the Prevention of Money Laundering Act.
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