{"id":16126,"date":"2024-08-15T14:37:55","date_gmt":"2024-08-15T11:37:55","guid":{"rendered":"https:\/\/forklog.com\/en\/binance-resumes-operations-in-india-after-paying-2-2-million-fine\/"},"modified":"2024-08-15T14:37:55","modified_gmt":"2024-08-15T11:37:55","slug":"binance-resumes-operations-in-india-after-paying-2-2-million-fine","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/binance-resumes-operations-in-india-after-paying-2-2-million-fine\/","title":{"rendered":"Binance Resumes Operations in India After Paying $2.2 Million Fine"},"content":{"rendered":"<p>Cryptocurrency exchange Binance has registered as a &#8220;reporting entity&#8221; with India&#8217;s Financial Intelligence Unit (FIU) and has resumed operations in the country.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/Binance?src=hash&#038;ref_src=twsrc%5Etfw\">#Binance<\/a> goes live in India ??<\/p>\n<p>Binance is now registered as a reporting entity with India&#8217;s Financial Intelligence Unit, marking our 19th global regulatory milestone!<\/p>\n<p>Our website and app are now fully available for Indian users.<\/p>\n<p>Read more ?<a href=\"https:\/\/t.co\/samyDmwwut\">https:\/\/t.co\/samyDmwwut<\/a><\/p>\n<p>\u2014 Binance (@binance) <a href=\"https:\/\/twitter.com\/binance\/status\/1823969973510767000?ref_src=twsrc%5Etfw\">August 15, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>According to the platform&#8217;s statement, the website and app are fully accessible to Indian users.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;Registration with the FIU underscores Binance&#8217;s commitment to adhering to anti-money laundering standards in India, as well as in any other jurisdiction where it operates,&#8221; noted Binance.<\/p>\n<\/blockquote>\n<p>The exchange&#8217;s return to the Indian market followed the January <a href=\"https:\/\/forklog.com\/en\/news\/binance-and-kucoin-apps-removed-from-indias-app-store\">regulatory blockade<\/a> of nine cryptocurrency platforms for unregistered activities without compliance with established norms. Among them were Binance, KuCoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex.<\/p>\n<p>In May, it was revealed that the largest cryptocurrency exchange by trading volume had begun the <a href=\"https:\/\/forklog.com\/en\/news\/binance-faces-canadian-fine-and-registers-in-india\">registration process<\/a> with the FIU. Approximately a month later, the agency set the fine for the platform at 188.2 million rupees (~$2.2 million).<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;Recognizing the viability and potential of the Indian virtual digital assets market, compliance allows us to tailor services to the needs of local users,&#8221; commented Binance CEO Richard Teng.<\/p>\n<\/blockquote>\n<p>He described the registration with the FIU as an &#8220;important milestone&#8221; for the platform, marking its 19th agreement with regulators worldwide.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;We can confirm that the fine has been settled,&#8221; a Binance representative told <a href=\"https:\/\/www.theblock.co\/post\/311317\/binance-re-enters-india-after-settling-2-25-million-penalty-with-fiu\">The Block<\/a>.<\/p>\n<\/blockquote>\n<h2 class=\"wp-block-heading\">Binance to Pay $1.76 Million to Brazilian Regulator<\/h2>\n<p>The platform will <a href=\"https:\/\/www.gov.br\/cvm\/pt-br\/assuntos\/noticias\/2024\/cvm-rejeita-termo-de-compromisso-com-gafisa-s-a-e-seus-executivos\">pay<\/a> 9.6 million reais (~$1.76 million) to Brazil&#8217;s Securities and Exchange Commission (CVM) as compensation for unlicensed derivative trading services.<\/p>\n<p>In April 2023, the agency initiated an investigation into B Fintech Servi\u00e7os de Tecnologia, a company registered by Binance founder Changpeng Zhao.<\/p>\n<p>The CVM suspected that through the firm, the exchange continued to provide access to derivative crypto products on Binance Futures after a direct ban in 2020. The administrative case opened at that time threatened the platform with a daily fine of 1,000 reais (~$188).<\/p>\n<p>In August, the regulator <a href=\"https:\/\/www.gov.br\/cvm\/pt-br\/assuntos\/noticias\/2023\/cvm-aceita-nova-proposta-de-termo-de-compromisso-de-mais-de-r-1-milhao-com-executiva-da-anima-holding-s-a\">rejected<\/a> Binance&#8217;s offer to settle the claims for 2 million reais (~$370,000).<\/p>\n<p>On February 15, 2024, a new offer emerged, in which &#8220;the applicant committed to pay the CVM 9.6 million reais,&#8221; according to the agency&#8217;s statement.<\/p>\n<p>In 2023, the Australian Securities and Investments Commission launched an investigation into Binance regarding derivative trading following the cancellation of its license.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Cryptocurrency exchange Binance has registered as a &#8220;reporting entity&#8221; with India&#8217;s Financial Intelligence Unit (FIU) and has resumed operations in the country. #Binance goes live in India ?? Binance is now registered as a reporting entity with India&#8217;s Financial Intelligence Unit, marking our 19th global regulatory milestone! Our website and app are now fully available [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":16125,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[744,1437,1166,278,36],"class_list":["post-16126","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-binance","tag-brazil","tag-centralized-exchanges-cex","tag-india","tag-regulation"],"aioseo_notices":[],"amp_enabled":true,"views":"20","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/16126","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=16126"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/16126\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/16125"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=16126"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=16126"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=16126"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}