According to media reports Binance, plans to pay a $2 million fine and reopen in India after the Indian government blocked its platform and eight others in January for operating without regulatory compliance. Following the government’s decision, Apple and Google removed the company’s applications from the region.
Binance wants to register with India’s Financial Intelligence Unit and reform its businesses in South Asia. The company reportedly strives to comply with all relevant rules, including provincial tax and money laundering legislation.
Following pressure from the Government of India, Binance South Asia said, “We are committed to complying with local regulations and maintaining dialogue with regulators around the world to ensure the continuity of our services.” He made a statement.
If Binance relaunches in India, it is expected to regain a market worth around $4 billion, where Indian investors hold 90% of assets. The popularity of the platform may be due to the fact that customers do not have to pay a 1% tax deducted at source as required by local tax laws.
India is one of the largest markets in the world and the region has the highest number of crypto investors. Therefore, a company like Binance has a lot to gain from re-entering the Indian market. If the exchange re-enters India, the platform’s BNB token could also see a significant price increase.
Currently, BNB is down 20.5% from its all-time high of $686.31, reached in May 2021. However, according to CoinCodex, BNB may soon reach a new all-time high. The platform expects BNB to reach $714.95 on May 7, 2024.
Changelly for the next few weeks BNB token It also draws an upward picture for . The platform predicts that BNB will reach $716.90 on May 6, 2024.
