Binance, the leading global cryptocurrency exchange, is set to make a comeback in India after agreeing to pay a $2 million penalty. This development follows a period of stringent regulatory scrutiny where the Indian government blocked nine cryptocurrency websites. They also prompted the removal of related apps from Apple and Google stores due to non-compliance with local laws.
According to the Economic Times, sources close to the matter indicate that Binance is restructuring its operations in South Asia. The cryptocurrency exchange is planning to fully comply with the Financial Intelligence Unit of India, which regulates the local trading of digital assets.
The move comes as part of Binance’s efforts to align with India’s financial regulations, including adherence to anti-money laundering and taxation statutes. Before the crackdown, Binance held a commanding presence in the Indian market, with an estimated 90% of crypto holdings among Indian investors, totaling about $4 billion.
See Related: Indian Parliament Passes A 30% Crypto Tax Law
Nigeria Detains Binance Executives
Two months ago, Nigeria detained two executives of the Binance after they flew into the country. The country’s Office of the National Security Adviser detained the two, and their passports were seized.
Nigerian officials have leveled several charges against the cryptocurrency exchange Binance. The allegation includes exploiting the local economy, contributing to the devaluation of the Nigerian naira, and engaging in money laundering activities. They allege that Binance has been involved in manipulating the exchange rates by engaging in speculative actions and fixing rates. Furthermore, the Nigerian government has expressed concerns over $26 billion in transactions carried out on Binance’s platform, which they report as being untraceable.
Binance has denied any wrongdoing, but this is not the first time it has bumped heads with regulators.
