After a seven-month ban, Binance has finally returned to India.After months of ban, the world’s largest cryptocurrency exchange has officially returned, now registered as a reporting entity with the Financial Intelligence Unit India or FIU-IND.
Binance was banned from doing business in India back in December 2023 because it failed to register as a reporting entity and did not abide by strict anti-money laundering laws. The exchange came under fire in June after the FIU fined it a whopping $2 million (~ 18.82 crore) rupees.
Being the biggest exchange in terms of asset holdings and daily trading volume, Binance's importance in the cryptocurrency industry is evident. With a daily trade volume of more than $20 billion, it represented 25% of the total volume of transactions worldwide, according to CoinMarketCap data.With more sophisticated technology and more liquidity than regional exchanges, Binance's re-entry might completely change the market dynamics of the Indian market.Cryptocurrencies, such as Ethereum and Bitcoin, are rising to all-time highs, indicating rising interest in the cryptocurrency space.
Now that registration is complete, Binance is back up and running in India. Indian consumers can now resume their cryptocurrency trading journey thanks to the website and app's reopening.
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