Binance fined for Rs 18.82 crore by FIU India

Indian cryptocurrency market is still in the. Ews because of ongoing controversies and 9 exchanges were blocked last. Some of the exchanges are trying to get registered in Indian cryptocurrency market. This is also because the Indian cryptocurrency market is big and exchanges don't want to miss out the opportunity.

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Exchanges make a lot of money from such big market especially when the Bull market is going on and now since we are anticipating that's soon the Bull cycle will start. This is a leading exchange and operating in so many countries world wide but they do not want to give up on the Indian market and for that reason they have also registered themselves.

Leading blockchain and cryptocurrency platform Binance will be required to pay Rs 18.82 crore fine to restart operations in India. The Financial Intelligence Unit (FIU) has imposed this penalty on the company for operating in the country in violation of domestic anti-money laundering regulations.

This is the big exchange and now it is registered as per the firu guidelines in the country so they are required to pay the penalty and after paying these they will be able to operate in Indian market. Kucoin was penalised less as compared to binance. This is one of the exchange having bigger user base in the country and obviously they have got a massive trading volume in last couple of years so they are required to pay more and this is why they are penalty amount is also higher.

I hope that this is a good news for the Indian users because now there will be able to use the exchange as per the guidelines in the country however the tax revision is also expected to happen but no idea when it will happen in the country.

Another concerning point after this that the exchange might share the previous data with the government and if that happens then government why it start sending the notices to the people who transacted on the exchange before when there was no such guideline in place. I hope that should not be happening but it is not in our hand but for now since the exchange will be paying such a big amount to the government authority so that they give them approval to start their operation in the country. This will also give the boost to the Indian Crypto industries and competition to the exchanges operating in the market and those who are based in the Indian geography.

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