Binance's South Asia operations said that upon returning to India, the exchange is committed to complying with all necessary regulations and continuing to communicate with regulators to ensure the exchange's services remain accessible to local communities. The exchange intends to operate as an entity registered with the Financial Intelligence Unit of India (FIU).
A few months ago, the Indian government blocked nine cryptocurrency exchanges for not following local regulations. As a result, the Apple App Store in India has removed the Binance mobile application. Indian authorities also alleged that Binance violated the country's tax laws by not deducting 1% tax withheld at source (TDS) from traders. This tax must be applied on registered exchanges.
The ban on Binance in India has significantly changed the behavior of Indian crypto investors, who have moved their assets to local exchanges like CoinDCX and WazirX. Now that Binance is ready to resume its presence in India, the exchange will continue to implement localized payment solutions and will also create a dedicated team to work in the country, Binance management clarified.
Recently, Binance CEO Richard Teng said that he is in talks with regulators in several jurisdictions in which the trading platform could open its headquarters.
Source: Bits
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