Binance URL and Mobile apps Unblocked In India

Last year in December we saw how nine exchanges were blocked by the Indian government. The government blocked their URL and application on the Play Store. This was done as part of the compliance scrutiny where all nine international exchanges were blocked because they were not compliant with Fiu. Here FIU means financial intelligence unit which is a government body that takes care of financial matters in the country and they are the ones setting up the framework for the finance segment.

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After more than seven months finally, things are in better shape as the exchange is officially registered in India and now their URL and mobile applications are unblocked. It is a big update for the Indian community because now the world's leading exchange is accessible for all the users in the country. This happened when another Indian exchange Wazir X was struggling because of the hack and this exchange was acquired by Binance. Now people are anticipating that Binance might come forward to help the community for repayment and if it happens then surely it is going to be a big help for the Indian Crypto community.

Binance, one of the top crypto exchanges, has now achieved a milestone in the Indian market as its URL gets unblocked and accessible to users in that region. The URL unblocking follows its registration with the Financial Intelligence Unit (FIU) and payment of a substantial fine.
The crypto exchange had earlier paid a fine of over $2.25 million for previous non-compliance with Indian regulations.

The exchange had to pay a penalty for non-compliance and this is the second international exchange that has paid the penalty to have a licence in India and operate business as usual. Although it is a big amount because the exchange is international and has a bigger market presence it's not a big deal for them because they are anticipating more business in India as they have already been operating in the last many years in the market.

Now if you are an Indian user then you must be happy because you would be able to use the exchange as it will however the tax rules will be applicable along with the TDS which is 1% as of now but now because the exchange is compliant so soon they will implement all these rules as well. What are your thoughts about this regulation and do you think it is a right move or not?

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