Binance Aims to Reverse India Ban by Paying $2 Million Fine

The cryptocurrency exchange seeks compliance with Indian regulations to re-enter the market.

Binance, the world's largest cryptocurrency exchange, was banned in India in January 2024 due to non-compliance with local regulations.
The company plans to pay a $2 million penalty to the Indian government as part of efforts to regain entry.
Binance is working to register with India's Financial Intelligence Unit and comply with anti-money laundering and tax laws.
Recent legal challenges and operational bans in other countries have also impacted Binance's global operations.
The company sold its business in Russia due to similar compliance concerns, highlighting its ongoing regulatory struggles.