Altcoins Talks - Cryptocurrency Forum
Learning & News => News related to Crypto => Topic started by: ABCbits on April 18, 2024, 12:02:10 PM
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Binance Could Come Back to India by Paying $2M Fine: Report
Binance, the cryptocurrency exchange that was removed from India some months ago, is looking to re-enter India by paying a $2 million fine, the Economic Times reported (https://economictimes.indiatimes.com/tech/technology/binance-coins-a-new-phase-in-india/articleshow/109382161.cms) on Thursday.
Earlier this year, Binance and some other exchanges were removed from the Apple Store in India after India’s Financial Intelligence Unit (FIU) sent them compliance show cause notices... Read more here (https://www.coindesk.com/business/2024/04/18/binance-could-come-back-to-india-by-paying-2m-fine-report/).
$2 million is small amount for Binance, so it's not surpirsing they simply decide to pay the fine. IMO it's also possible they lose more money due to ban by India early of this year. Your opinion is greatly appreciated.
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The fee is worth the benefit in the long run. India has one of,if not the largest users of binance in the world and with a market that big no business would want to forsake it for a fine of $2M especially one as big as binance.
They did loss alot of users even my country Nigeria restricting binance wouldn't come as a surprise to me if the losses too were huge.
To enjoy smooth sailing of their business, they have no reason but to comply with the countries regulations to reap the reward in the long run.
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$2 million is small amount for Binance, so it's not surprising they simply decide to pay the fine. IMO it's also possible they lose more money due to ban by India early of this year. Your opinion is greatly appreciated.
Surely, that is also my first impression as $2 million for Binance is nothing with the big potential of the Indian market for cryptocurrency. However, if they will be back in India and be legally operating under the regulatory power of the government, I am sure that there will be changes and that they would be strictly require to impose tax and must remit them to the government so that things will be smooth and above board. For India and Binance, this can be a win-win solution and both parties can be walking to the bank with smile on their faces. Now, I am so hoping that here in my country the same offer can come true after the government decided to also kicked out Binance from operating in the crypto market just months ago. There is no question that Binance remains to be the best CEX where transactions are hassle-free and so convenient most especially with its P2P option. Without Binance, there seems to be a big void that other players can not easily fill in and people will really be longing for it.
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$2 million is small amount for Binance, so it's not surpirsing they simply decide to pay the fine. IMO it's also possible they lose more money due to ban by India early of this year. Your opinion is greatly appreciated.
$2B $2m is small for Binance you said? Do you know how much is $2b bro! This maths is not adding up. They are ready to pay this amount and then return back to the same and then comply with their regulations but are ready to pay $4B to US and closed everything. If Binance is paying such a big amount of money then I want to believe that Binance is making more than that from India investors annually. @Bitbit97
This was quick solve compared to US and does it also mean that CZ case has been adjourn, he was supposed to be sentenced in April I believe, what went wrong?
Modified: I was actually midled by one blog and when I saw the post here, I didn't py attention to the main subject that's why I was the amount is too heavy for me to comprehend. Thanks @bitbit97 for the attention.
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$2 million is small amount for Binance, so it's not surpirsing they simply decide to pay the fine. IMO it's also possible they lose more money due to ban by India early of this year. Your opinion is greatly appreciated.
$2B is small for Binance you said? Do you know how much is $2b bro! This maths is not adding up. They are ready to pay this amount and then return back to the same and then comply with their regulations but are ready to pay $4B to US and closed everything. If Binance is paying such a big amount of money then I want to believe that Binance is making more than that from India investors annually.
This was quick solve compared to US and does it also mean that CZ case has been adjourn, he was supposed to be sentenced in April I believe, what went wrong?
Bro, re-read please first post. It is $2 millions, not $2 billions. For cryptocurrency and specially for Binance, 2 millions is like the amount they spend on A4 paper for printers per year. Back in 2017-2018 every lousy ICO raised 2 millions in no time.
Just imagine, the population of India is around 1,5 billion. Even if we imagine that only 0.1% of them use Binance, then Binance will get those $2m fine in no time through trading fees.
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Good for Binance and India, but it will benefit Binance the most, India has a huge market potential in Cryptocurrency and the one that will likely benefit from the lifting of the restriction is Binance, $2 million is just a fraction of Binance's profit it peanut for Binance.
I hope they will do the same in my country they will negotiate and pay if there's a fine our country like India has a huge potential also.
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The amount of fine seems pretty small compared to the transaction volume they've processed over the years. Why don't the government of India ask for more? Is there any law that prohibits them to so, or are there other deals? IIRC, India is very aggressive with crypto tax right? I thought they'd ask for more considering their stance toward crypto tax.
I wonder if this means Binance will also try to re-enter other countries. It seems like their app is blocked in my region already. Losing one of its biggest markets is painful, especially when you can still be one of its monopolies just by paying a few million dollars. CMIIW.
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It seems that Christmas came quite early this year, and some decided to choose CZ and his company as the main Santa Claus. First, a huge fine was paid in the US (if I'm not mistaken, something around $4.3 billion), then the case of Nigeria was opened, which is also asking for some money, and now India has also appeared.
I wonder who is next on the list, because CZ has a bag full of money, and it seems that he earned a good part of it by operating in not quite legal conditions.
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Two million dollars for Binance is a tiny amount. If behind that fine there are no “hidden” clauses or new legislation that must be complied with even if it has not yet been approved, Binance could be operating in India in a matter of days. What I'm sure will happen is that Binance's KYC policy will be much stricter than before since that is one of the requests, In this way there will be more control over users and their funds. At that point, it will be up to users to decide whether their private data is more or less important than being able to use a high-volume exchange like Binance.
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Binance got a great chance to pay just $2M fine and get back in businesses in one of the highly populated countries of the world. I also think that $2M isn't a huge amount for Binance because they could literally earn more than that within days by starting their services in India again.
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$2M is a steal. CZ could pay that from his pocket himself, no prob.
its a wonder though if this amount is true. its too little for the government to just let them slide for such amount when there are so much money flowing to binance for operating in India before the ban.
if i am Mody i will be asking at least $1B. for all we know CZ is CCP's guy, India's data will be given to the CCP, at least make it worth. ;D
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Feels like absolutely nothing considering how much money they could make from trading fee's. They paid about 4 billion dollars to USA to be able to not go to jail (not company, company can't, I mean the top ranked people) and even had to fire CZ as well. I have to say this is nothing compared to that and could be just their daily income at this point as well, just one days profit would make them come back. It doesn't even have to be profitable for them, they could just spend that much for reputation sake and they would be fine with that. I believe that they are going to pay it off for sure.
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They were also recently ban in our country, the Philippines.
And it seems though that the target of Binance is around South East Asia as they know that there are huge potential in this continent so I wouldn't be surprise that they are willing to pay that fine and get back to India.
And who knows, maybe in the Philippines if they comply to everything and then pay a fine as well they will be back. We have been enjoying their P2P until they are ban so hopefully they can make a big comeback.
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$2 million is nothing at all for Binance, they have paid over $4 billion in fines to the US government, not to mention the personal fine paid by CZ which is around 50 million.
Therefore, 2 million does not constitute anything for Binance’s return to a large, attractive market such as India, which has the largest population in the world, so India is a fertile market for any company and Binance will not let the opportunity pass, even if it pays 10 times this fine.
I don't know why the Indian government asked for such a small fine from Binance when it could have asked for much more and Binance would have definitely paid?
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I don't know why the Indian government asked for such a small fine from Binance when it could have asked for much more and Binance would have definitely paid?
I also wonder about that. After all, i've seen news India fine Google for hundred million dollars few times. But it's possible probably they actually after high tax[1] when someone perform trading on Binance.
[1] https://www.coindesk.com/learn/india-crypto-tax-guide-2022/ (https://www.coindesk.com/learn/india-crypto-tax-guide-2022/)
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~snip~
if i am Mody i will be asking at least $1B. for all we know CZ is CCP's guy, India's data will be given to the CCP, at least make it worth. ;D
No matter how funny it sounds, I always wonder how well (or poorly) this data is protected and with whom exactly it is shared. It has been shown many times that companies around the world approach this quite unprofessionally, which means that they are a very easy target for hackers.
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$2 million is small amount for Binance, so it's not surpirsing they simply decide to pay the fine. IMO it's also possible they lose more money due to ban by India early of this year. Your opinion is greatly appreciated.
Indeed, $2 million dollars can easily be paid by Binance that's why they paid it, as they can make it in a month maybe because the population of India is a lot and a lot of people are into Crypto using Binance as a main trading exchange. I have seen that after the ban many Indians have converted to using ByBit and OKX mainly I doubt if they will return to using Binance again.
As when Binance was banned from India I heard the news and saw the reaction of people, I can assume how much in panic they might be. That's why I said it must be hard for Indians to trust Binance again. Even if they have paid the fine, the real question now stands is are they complying with the Indian's rules and regulations now? I assume by paying fine means they are, so they are good to be used again.
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People who run businesses know what they need to do that can benefit them and their businesses and this isn't only about the cryptocurrencies but for all industries and sectors.
Experts at Binance understand how businesses work because, in a business, you will spend money when you know you are going to earn more money by doing that, and they did the same in this case. India has a very large population, and it's one of the leading countries when it comes to technology, which means that the cryptocurrency market will be wide in the country and Binance can easily earn more than $2m by doing this.
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Even if they have paid the fine, the real question now stands is are they complying with the Indian's rules and regulations now? I assume by paying fine means they are, so they are good to be used again.
They will surely follow the rules and regulations. That's one of the reasons why they paid the fine. The Binance team might have felt the impact of the result by losing their operation in India, since there's a large number of Binance users in India, they have no choice but to fix this issue.
"The crypto exchange will come back as an entity registered with the Financial Intelligence Unit (FIU) of the finance ministry, they added. FIU is tasked with oversight of trade in virtual digital assets (VDA). Binance will comply with all applicable laws, including the Prevention of Money Laundering Act (PMLA) as well as the VDA taxation framework, “which it had been sloppily flouting until now”, said one person cited above".
India has a strong implementation of their rules and regulations, and Binance surely knows what it needs to do to continue its operation.
“has always been clear to all global cryptocurrency exchanges — comply with all laws to continue operating in India”.
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$2 million is small amount for Binance, so it's not surprising they simply decide to pay the fine. IMO it's also possible they lose more money due to ban by India early of this year. Your opinion is greatly appreciated.
Surely, that is also my first impression as $2 million for Binance is nothing with the big potential of the Indian market for cryptocurrency. However, if they will be back in India and be legally operating under the regulatory power of the government, I am sure that there will be changes and that they would be strictly require to impose tax and must remit them to the government so that things will be smooth and above board.
This makes sense. The small fine is like an open trap that's laid out and it's up to Binance if they want to take it or not. I have not read how centralized exchanges will be taxed in India but considering how the Government charges individual investors on their crypto gains, it has to be a significant amount too.
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Binance, the cryptocurrency exchange that was removed from India some months ago, is looking to re-enter India by paying a $2 million fine, the
They will be lucky if they can have all their customers back because, within the time that they were away, investing in cryptocurrency did not stop completely in India, investors only used other means to invest. Investors will only return to them if they are no satisfied with the services of any other company they use, and since these companies will be aware of the return of Binance, they will make an effort to keep these customers that they have.
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If Indian regulatory authorities had demanded more money against Binance, Binance would have agreed to pay that money. After Binance was indicted in a lawsuit by the SEC, all crypto community are not much talked about. At this moment if Binance can stay in the Indian market and attract them back to their site then on the one hand they will benefit financially and such a move will help them to be bullish in business during this hostile environment. However, they have to wait for the court's verdict. From my point of view entering the market with fines is a good move for Binance.
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Maybe they have seen the volume that Indians have with their services. They must study those types of things to make the right business decisions. I'm happy for those people who are using Binance to operate and trade in because it's back. It's just easier to have those CEX in terms of accessibility. I would still love to have my own custody of my coiins but in terms of having money on the exchange, it's important that you have the risk management correctly for yourself.
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Binance Could Come Back to India by Paying $2M Fine: Report
Binance, the cryptocurrency exchange that was removed from India some months ago, is looking to re-enter India by paying a $2 million fine, the Economic Times reported (https://economictimes.indiatimes.com/tech/technology/binance-coins-a-new-phase-in-india/articleshow/109382161.cms) on Thursday.
Earlier this year, Binance and some other exchanges were removed from the Apple Store in India after India’s Financial Intelligence Unit (FIU) sent them compliance show cause notices... Read more here (https://www.coindesk.com/business/2024/04/18/binance-could-come-back-to-india-by-paying-2m-fine-report/).
$2 million is small amount for Binance, so it's not surpirsing they simply decide to pay the fine. IMO it's also possible they lose more money due to ban by India early of this year. Your opinion is greatly appreciated.
I think $2M is not big amount for Binance. We know Binance is largest crypto exchanger allover the world. Huge user available in India for Binance. So i think within short time Binance will try to negotiations with indian government and they will solve it. Because India is big market for Binance. So they will consider it and they will try to negotiations with indian authority.
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Binance Could Come Back to India by Paying $2M Fine: Report
Binance, the cryptocurrency exchange that was removed from India some months ago, is looking to re-enter India by paying a $2 million fine, the Economic Times reported (https://economictimes.indiatimes.com/tech/technology/binance-coins-a-new-phase-in-india/articleshow/109382161.cms) on Thursday.
If they can both agree on the same ground, such collaboration reignition could pay them both and be of interest, i think the same binance exchange have a similar regulation experience with the Nigerian government and they are yet to arrived on a course on what measure to take in coming to consensus, India could also agree if the terms are on their own favour to regulate.
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If they can both agree on the same ground, such collaboration reignition could pay them both and be of interest, i think the same binance exchange have a similar regulation experience with the Nigerian government and they are yet to arrived on a course on what measure to take in coming to consensus, India could also agree if the terms are on their own favour to regulate.
I think the case is different from what Nigeria government are requesting from binance. I remembered when India disabled access to binance but before then, their citizens were free to use these exchanges without any taxes or such. If binance do agree to pay the fine, they it surly won't be the only one they will get to pay hence forth. Similar to what Nigerian government what from binance, they are just trying to blame exchanges for the fall of economy and the local currency. But their major aim is to tax all exchanges in the process.
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They were also recently ban in our country, the Philippines.
And it seems though that the target of Binance is around South East Asia as they know that there are huge potential in this continent so I wouldn't be surprise that they are willing to pay that fine and get back to India.
And who knows, maybe in the Philippines if they comply to everything and then pay a fine as well they will be back. We have been enjoying their P2P until they are ban so hopefully they can make a big comeback.
Just an update to this, it seems that they also wanted to comeback to the Philippines,
Binance also stressed that the situation is just temporary:
It’s important to note that in spite of the temporary accessibility issues, Binance is committed to complying with local regulations and securing a beneficial outcome for our users.
https://bitpinas.com/regulation/binance-responds-sec/
So indeed, they are clawback back in Asia for sure, maybe they will have to go to the same route of paying the fine to our SEC or the government, have their clearance approved and then just like that, they are back in our country and crypto enthusiast here will be happy. ;D
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They were also recently ban in our country, the Philippines.
And it seems though that the target of Binance is around South East Asia as they know that there are huge potential in this continent so I wouldn't be surprise that they are willing to pay that fine and get back to India.
And who knows, maybe in the Philippines if they comply to everything and then pay a fine as well they will be back. We have been enjoying their P2P until they are ban so hopefully they can make a big comeback.
Just an update to this, it seems that they also wanted to comeback to the Philippines,
Binance also stressed that the situation is just temporary:
It’s important to note that in spite of the temporary accessibility issues, Binance is committed to complying with local regulations and securing a beneficial outcome for our users.
https://bitpinas.com/regulation/binance-responds-sec/
So indeed, they are clawback back in Asia for sure, maybe they will have to go to the same route of paying the fine to our SEC or the government, have their clearance approved and then just like that, they are back in our country and crypto enthusiast here will be happy. ;D
they should have done this earlier but yeah we must be thankful for their action now and shows interest in complying
with what is the government is asking them and what would be the best for the people of philippines.
at least each SEC of those countries are getting piece of cake to what is the SEC of US gather from binance recently .