Binance crypto exchange is set to return to India after a four-month ban by paying a $2 million fine for non-compliance, according to aIndian users flocked to foreign crypto exchanges like Binance to bypass the severe tax impositions, which prompted the government to ban overseas exchanges not registered with FIU.
Now, with FIU registration, foreign crypto exchanges like Binance have to adhere to the same rules and regulations as Indian exchanges. KuCoin has started a 1% tax deduction at source and other foreign crypto exchanges looking to mark an entry into India will have to follow the same.A person with knowledge of the matter told ET that It is “unfortunate that it took more than two years to realize there is no room for negotiations, and no global powerhouse can command special treatment, especially at the cost of exposing the country’s financial system to vulnerabilities,” reported ET.
While KuCoin and Binance have decided to become FIU-registered entities in India, OKX, another leading crypto exchange among the nine blocked crypto exchanges,
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