Binance, one of the world’s leading cryptocurrency exchanges, has made a strong comeback in India as its website has been unblocked.
In February, Binance received a compliance show cause notice from the Indian Financial Intelligence Unit (FIU IND) following Section 13 of the Prevention of Money Laundering Act, 2002 (PMLA). After that, several foreign cryptocurrency sites, including OKX, Kucoin, and Binance, have been deleted by Apple and Google from its App Store.
In May, Binance has secured full registration with India’s Financial Intelligence Unit (FIU) by paying a $2 million fine and revamping its South Asian operations.
The unblocking of Binance’s website is expected to reignite interest among Indian traders and investors, who had faced limited access to the platform. Binance’s return comes at a time when the Indian government and regulatory bodies are still navigating the complexities of cryptocurrency regulation. This development could signal a more favorable environment for crypto exchanges in India, although challenges remain.
This move could have a lasting impact on the Indian crypto landscape, potentially encouraging other platforms to re-evaluate their strategies in the country.