- Binance is currently in talk with the Indian government to resume operation in India and to restore Indian access to its mobile application and website.
- However, the Indian government rejected Binance’s request to resume operations due to PMLA Compliance hurdles.
The world’s largest crypto exchange, Binance, is in talks with the Indian government to restore citizens’ access to the Binance mobile application and website.
An Indian publishing firm captured this development, citing sources familiar with the matter.
Per the report, Binance is willing to settle outstanding taxes accumulated as of January 12, when operations were halted.
However, it noted that the exchange is unprepared to adhere to the Prevention of Money Laundering Act (PMLA) guidelines.
In particular, Binance sources reportedly stated that the exchange requires time to establish the necessary procedures to comply with the PMLA and Financial Intelligence Unit (FIU) regulations.
See Also: India’s Play Store and App Store Remove Binance And OKX Apps Amid New Crypto Tax Laws
Consequently, it requested permission to resume operations in the interim period.
In response, the Indian authorities have rejected Binance’s request to resume operations until the company implements the necessary compliance. The statement read:
“Compliance with PMLA is paramount. They have been explicitly told that any discussion on resumption of their services in India is only after the government is satisfied with their responses on the notices sent by the FIU.”
Earlier, the government blocked nine offshore crypto platforms’ websites and mobile apps.
The affected exchanges include Binance, KuCoin, Huobi, OKX, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex.
Notably, the government’s step was warranted because these platforms failed to respond to show-cause notices from the FIU.
Meanwhile, the government is collaborating with banks to devise measures against traders who utilize virtual private networks (VPNs) to access the banned platforms.
Data suggested that approximately 4,000 Indian crypto traders are suspected of using VPNs to conduct transactions on Binance rather than transferring their assets to compliant Indian exchanges.
See Also: Apple Removes Foreign Crypto Exchange Apps From India’s App Store
It is estimated that nearly $4 billion worth of crypto belonging to Indian traders is stored in offshore wallets.
Disclaimer: The information provided is not trading nor financial advice. Bitcoinworld.co.in holds no liability for any trading or investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any trading or investment decisions.
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Disclaimer: The information provided is not trading advice, Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.