Binance Completes Registration With India's Financial Intelligence Unit

[libert19]

^ yes, there is 30% + 1% TDS tax on selling crypto in India, I don't have any problem with government wanting piece of pie, but I'd prefer it more reasonable.

[Ujok]

by completing the financial intelligence unit (FIU) registration is binance accepted for their trading in india? if binance is accepted in india this is very good and will increase its value.. but i don't understand why binance is fined by the indian government, does india not want its currency to compete with crypto currency? do they want to take advantage of the crypto market?

[ABCbits]

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

It's so great, that i believe phrase "when it rains, it pours" fit WazirX condition.

by completing the financial intelligence unit (FIU) registration is binance accepted for their trading in india? if binance is accepted in india this is very good and will increase its value.. but i don't understand why binance is fined by the indian government, does india not want its currency to compete with crypto currency? do they want to take advantage of the crypto market?

Did you miss part of the news which says "it was fined $2.2 million for providing services in the country without authorization." ?

[TomPluz]

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.

There is a strong trend right now and it is regulation as approved by the government which for me is the best thing to happen to all parties involved except, of course, the fact that users will be paying higher taxes and they have no choice but to comply. When the government is making money, we should expect it to behave well and will even protect those under its regulatory power as long as there will be no intentional breaches of the existing laws. Binance, am sure, will be a big force in the India market and can further push its global leadership status to the max. Hopefully, it will be back soon in the Philippines market by complying the regulatory framework so it can do business with no hassles.

[Z-tight]

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.

I am not from India, but i am sure it is crazy for crypto users over there, ~30% tax on crypto is just crazy and i think the government is just taking advantage of people's interest in crypto over there. I am not saying they should not get something through tax, but it should be something reasonable, many people will avoid crypto because of this tax rate.

[bayu7adi]

Binance always resolves issues as peacefully as possible on issues related to great potential....India has a large market, considering the population of India which reaches 1.4 billion people... it is an opportunity that should not be missed... 2.2 million USD is something fair for Binance to take a bigger opportunity... I remember when Binance resolved the money laundering problem in November 2023 with CZ's resignation because he admitted his mistake... that was also a very ideal step because from there Binance still exists too.. and CZ's bad name was not so big news after the incident, Binance users' loyalty was still maintained despite such serious problems.

[NotATether]

Wait, so that's all they had to do to be compliant?

Then why don't other exchanges just do that if they want the business in India?

I can imagine that a lot of people in India want to get into crypto but of course they are going to be dealing with exchanges more often than not, as I doubt that many of them know about using self-custodial wallets properly.

[Z-tight]

Wait, so that's all they had to do to be compliant?

Then why don't other exchanges just do that if they want the business in India?

The amount they have to pay in fine, which is ~ 2 million is very small, so i believe that every exchange that was initially restricted from operating in India, will be able to get the license to operate if they want to. I know Kraken, okx, Huobi and a few others were told to register with the fiu if they wanted to continue operating in India, maybe the rest of them will also get their license after Binance.

[target]

Wait, so that's all they had to do to be compliant?

Then why don't other exchanges just do that if they want the business in India?

The amount they have to pay in fine, which is ~ 2 million is very small, so i believe that every exchange that was initially restricted from operating in India, will be able to get the license to operate if they want to. I know Kraken, okx, Huobi and a few others were told to register with the fiu if they wanted to continue operating in India, maybe the rest of them will also get their license after Binance.

Those unregistered exchange in India can still be used by anyone from the country. They just singled out Binance but here they are just have to pay small amount to get back in business.

If the rest still can operate and no issues from Indian authorities, they may just pay small amount too to tap Indian market.

[Bobcrypto]

Binance is doing all it can to be compliance with regulators worldwide. I think Indian has a very large population and that could be Binance target, to attract that huge population into it community of users. India will definitely benefit from the exchange with many of its features, rewards and trading benefits, employment, tax revenue etc.
Binance has a good background compliance with regulatory
government agencies globally and I think they are gradually winning different countries to it's list of registered exchange operational permit. kudos to Binance India, wishing them the best.
 

[Faisal2202]

So Binance has already paid the fine of 2.2 million dollars! Well that leaves the question of either they will pay the $86 million tax that Indian authorities has imposed on them? I shared my opinion on the tax topic started by tompluz but I was not aware that Binance has already paid the fine.

Now Binance have no other option but to accept the tax as well. As until they won't pay the tax they might not be able to fully functional in India.

Overall it's a good news for Indians because I clearly remembers the struggle Indians were in when Binance has to leave India.