Binance Completes Registration With India's Financial Intelligence Unit

[ABCbits]

Binance Completes Registration With India's Financial Intelligence Unit Months After Being Fined

The registration was provisionally approved in May, subject to the crypto exchange paying a fine of about $2.2 million.

• The registration, Binance's 19th worldwide, means its website and app are fully available to users in India.
• Binance has been settling disputes with financial regulators in the world's largest economies.

Binance, the world's largest cryptocurrency exchange, completed registration with India's Financial Intelligence Unit (FIU-IND) just months after it was fined $2.2 million for providing services in the country without authorization... Read more here.


I remember creating thread about it 4 months here. Overall process doesn't take long time and it's good to see Indians have more choice of exchange. Your opinion is greatly appreciated.

[Manna]

Binance completed registration with India's Financial Intelligence Unit (FIU) last month.  With this registration, Binance will be able to follow India's financial regulations and anti-money laundering (AML) regulations.  I think this is an important step for Binance to operate legitimately in the Indian market.

[Husires]

I thought India banned cryptocurrencies or didn’t allow trading. This is good news, Indians have a large community spread across the world who do money transfers between many countries and cryptocurrencies will definitely provide them with faster money transfers and cheaper fees, it is also a good investment opportunity.

[Zed0X]

I guess great news for Wazir X? After the $230 Million hacked, their biggest competitor completed their license/registration.

I thought India banned cryptocurrencies or didn’t allow trading.

It's regulated and they have one of the highest rates in the world. Gains from trading are taxed at 30% plus other fees. Even worse is that losses cannot be used as deduction in computing taxes.

[MrSpasybo]

I guess great news for Wazir X? After the $230 Million hacked, their biggest competitor completed their license/registration.

It's regulated and they have one of the highest rates in the world. Gains from trading are taxed at 30% plus other fees. Even worse is that losses cannot be used as deduction in computing taxes.

Binance and WazirX have a complex relationship whose full truth we cannot know. Currently, we only know that Binance has returned, and Indian investors have more options to participate in the crypto market, especially after the WazirX hack.

This news is quite positive for the BNB chain ecosystem as Binance will have more users and profits to burn BNB token, while BNB will also be promoted to users here. Through Binance, the huge infows from Indian investors could become a driving force for the growth of the crypto market in the near future.

• WazirX Says Binance Lied About Ownership as Dispute About India’s Largest Exchange Escalates

[TomPluz]

I guess great news for Wazir X? After the $230 Million hacked, their biggest competitor completed their license/registration.

I thought India banned cryptocurrencies or didn’t allow trading.

It's regulated and they have one of the highest rates in the world. Gains from trading are taxed at 30% plus other fees. Even worse is that losses cannot be used as deduction in computing taxes.

Coming under the fold of regulatory powers of the government means Binance will be the partner of the government in enforcing that tax to its Indian users come high and low waters, so to speak. This is one of the disadvantage of regulations but crypto platforms have no choice but to comply if they wanted to freely operate in a country. Everything boils down to tax...and in this case with India that is too hefty really. No wonder many traders are still preferring to work with unlicensed, unregulated online platforms to avoid paying that exorbitant tax on someone's gains. And I am seeing that soon this will also be a big reality here in my country after our SEC kicked Binance here...though am expecting a more rational and lower tax rate.

[Kemarit]

Binance completed registration with India's Financial Intelligence Unit (FIU) last month.  With this registration, Binance will be able to follow India's financial regulations and anti-money laundering (AML) regulations.  I think this is an important step for Binance to operate legitimately in the Indian market.

If they wanted to fully operate on India, then they will have to follow it's rules and regulations as far as crypto. So this is just the first step, and Binance knows how big the trading market on India that's why they really cooperated this time. And with the news of the local exchanges being hacked, Indians might moved to Binance already.

And this is just another presence in Asia though, they have been ousted by the Philippine government for not complying. But they promised that they will be back and so I wouldn't be surprised if that is their next target as Philippines is also huge crypto market.

[Manna]

Binance completed registration with India's Financial Intelligence Unit (FIU) last month.  With this registration, Binance will be able to follow India's financial regulations and anti-money laundering (AML) regulations.  I think this is an important step for Binance to operate legitimately in the Indian market.

If they wanted to fully operate on India, then they will have to follow it's rules and regulations as far as crypto. So this is just the first step, and Binance knows how big the trading market on India that's why they really cooperated this time. And with the news of the local exchanges being hacked, Indians might moved to Binance already.

And this is just another presence in Asia though, they have been ousted by the Philippine government for not complying. But they promised that they will be back and so I wouldn't be surprised if that is their next target as Philippines is also huge crypto market.

Your analysis is very important.  Adhering to the rules and regulations of the crypto market in India is very important for a company, especially if they want to operate in the long term.  India's crypto market has huge potential, and if big platforms like Binance adhere to local regulations, they can build a strong position in this market. Also, the Philippines has a different crypto market potential.  Although they are not currently operating in the Philippines, they promise to return.  It is possible that Binance is working to return to the Philippines, as the Asian crypto market is very important to them. All in all, it is very important for Binance to adhere to and return to the major Asian markets, as these regions offer huge opportunities for cryptocurrencies.

[TravelMug]

Binance completed registration with India's Financial Intelligence Unit (FIU) last month.  With this registration, Binance will be able to follow India's financial regulations and anti-money laundering (AML) regulations.  I think this is an important step for Binance to operate legitimately in the Indian market.

If they wanted to fully operate on India, then they will have to follow it's rules and regulations as far as crypto. So this is just the first step, and Binance knows how big the trading market on India that's why they really cooperated this time. And with the news of the local exchanges being hacked, Indians might moved to Binance already.

And this is just another presence in Asia though, they have been ousted by the Philippine government for not complying. But they promised that they will be back and so I wouldn't be surprised if that is their next target as Philippines is also huge crypto market.

Your analysis is very important.  Adhering to the rules and regulations of the crypto market in India is very important for a company, especially if they want to operate in the long term.  India's crypto market has huge potential, and if big platforms like Binance adhere to local regulations, they can build a strong position in this market. Also, the Philippines has a different crypto market potential.  Although they are not currently operating in the Philippines, they promise to return.  It is possible that Binance is working to return to the Philippines, as the Asian crypto market is very important to them. All in all, it is very important for Binance to adhere to and return to the major Asian markets, as these regions offer huge opportunities for cryptocurrencies.

Binance knows that Asia is one of their user base and so they really, they already secured Thailand at the start of the month, with a Joint venture Gulf Innova.

“We are deeply humbled to finally announce the launch of our local platform to the general public in Thailand. Over the past year, we have been working closely with Thai regulators, putting substantial effort into detailed planning,” Nirun Fuwattananukul, CEO of Gulf Binance, said in a statement.

https://www.coindesk.com/business/2024/01/16/binance-thailand-crypto-exchange-open-for-trading/

And so with India next, Binance already is really capturing the market, there were even reports that buying Bitcoin is Asia is growing crazy this year. So there's a lot of opportunity here, not just for Binance though, but for all top exchange. But first they will have to fully get a local license and to adhere with their local laws.

[Z-tight]

This is good for binance and for their customers in India, i thought they were going to stop offering their services to customers in that region, but it is good that they have completed their registration with the FIU and they are now free to continue their business there.

On a different note, the government of India should look into reducing crypto taxation in the country, it is crazy and enough reason for people not to use crypto.

[pakhitheboss]

On a different note, the government of India should look into reducing crypto taxation in the country, it is crazy and enough reason for people not to use crypto.

Why will the government of India will reduce the taxation on crypto trading. It is free money that the government is getting without much efforts. They community tried everything that anyone can imagine to avoid those stupid tax, wherein they failed as the government got so many scammers employed to stop the community from using P2P trading. This issue is something that no one will ever discuss openly like I am doing it here. What I am sharing is a hidden fact and I cannot prove it as everything happening after the current political party came into power from 2014 has always been discreet and secret. It is hard to determine what next can happen and what you as a middle class can come up.

[libert19]

I thought India banned cryptocurrencies or didn’t allow trading.

Yes, there was central bank ban, but it was revoked by supreme court ~4 years ago. Since then, citizens are free to trade cryptos.

This is good news, Indians have a large community spread across the world who do money transfers between many countries and cryptocurrencies will definitely provide them with faster money transfers and cheaper fees, it is also a good investment opportunity.

People were always free to trade on local exchanges, binance was inaccessible due to binance's own non-compliance issues — now that they have paid the fine, followed whatever they were to follow, they are back again into market.

[iBaba]

Binance completed registration with India's Financial Intelligence Unit (FIU) last month.  With this registration, Binance will be able to follow India's financial regulations and anti-money laundering (AML) regulations.  I think this is an important step for Binance to operate legitimately in the Indian market.

I think this is the kind of information I want to hear in a nutshell and I think I understand the main point of the message now which is all about compliance. I think it's a great idea for Binance to pass the necessary regulations by the Indian government so they can operate fully in the country and I'm sure this will be a big news to the company considering the large pool of audience India currently commands. But in the same vain, if Binance is able to operate legitimately in the Indian market as the foremost online exchange of cryptocurrencies, won't it monopolize the market for other companies who intend to follow suit?

[yhiaali3]

It is good that the Binance case in India has ended with a small fine, $ 2.2 million, nothing at all for Binance, but it will be a kind of reminder to Binance to adhere to Indian regulations or will be prohibited permanently.

India is one of the largest markets so it is good for Binance and Indian users to return Binance to work there, because Binance has a great popular base but given the strict Indian regulations towards Crypto This will be one of the good options available to them.

[Jating]

On a different note, the government of India should look into reducing crypto taxation in the country, it is crazy and enough reason for people not to use crypto.

Why will the government of India will reduce the taxation on crypto trading. It is free money that the government is getting without much efforts. They community tried everything that anyone can imagine to avoid those stupid tax, wherein they failed as the government got so many scammers employed to stop the community from using P2P trading. This issue is something that no one will ever discuss openly like I am doing it here. What I am sharing is a hidden fact and I cannot prove it as everything happening after the current political party came into power from 2014 has always been discreet and secret. It is hard to determine what next can happen and what you as a middle class can come up.

I think that is the implications for allowing crypto be used in their countries, government are going to regulate it with taxes and I think this is what other countries are doing. I mean not just crypto, here even if you are a online seller, the government has a new law so that they can tax the as well.

So it means that the government are doing all in their power to raise money from everything what their population are doing. It might be a bad thing for us crypto enthusiast, but I guess we don't any choices, crypto has given us so much, financial freedom and others. But government wants a piece of that pie as well.