- The Binance exchange has paid $2.25 million in fines over non-compliance with Indian regulatory requirements.
- As a result, the Binance URL is now accessible in India once again.
As a seasoned researcher who has witnessed the rollercoaster ride of cryptocurrencies for years now, I must say that the recent turn of events with Binance restoring its URL in India is indeed a significant milestone. The crypto market, like a phoenix, rises from the ashes of regulatory challenges and continues to evolve.
Following a prolonged period of anticipation, Binance’s URL is now accessible for crypto users in India, as it has been fully reinstated.
Lately, our crypto exchange has encountered numerous hurdles in complying with local regulations, leading to tough actions being taken by the government.
In spite of facing legal issues, the company successfully negotiated with the authorities by paying penalties. Consequently, due to the active website address, the trading platform is poised for a substantial number of users.
Binance had to pay the fine over failure to comply with India’s anti-money laundering regulations.
As reported by India’s Financial Intelligence Unit, this exchange was functioning within the nation without the necessary registration and did not adhere to the local Anti-Money Laundering (AML) rules.
What does the Indian market mean for Binance?
The Indian authorities have expressed significant worries about foreign cryptocurrency firms. As a result, they’ve been tightening regulations on overseas businesses, which led to the blocking of nine platforms like OKX, Kucoin, and Binance.
After Binance adheres to local laws, it becomes the principal overseas firm to re-establish operations within the Indian market. This action is noteworthy, particularly in light of the recent cyber attack on WazirX.
As an analyst, I can express this point in a more conversational manner: “With these advancements, other businesses now have the opportunity to meet the necessary legal standards and re-enter the market.”
Lately, it’s been crucial for platforms like Binance and others to emphasize regulatory compliance as a means to steer clear of potential legal issues by adhering to the rules set forth.
Any impact on BNB?
At present, Binance Coin (BNB) is being exchanged at approximately $527 following a 1.35% rise over the past 24 hours. Additionally, there has been a 1.31% growth in BNB’s total market value during the same period.
The gains on daily charts show the developments in India have positively impacted its native token.
As a researcher, I recently observed an increment in Open Interest on Coinglass. Specifically, it rose from $500 million to $508 million within the past 24 hours.
Although this was a small rise in Open Interest, its significance cannot be discounted.
Read Binance Coin’s [BNB] Price Prediction 2024-25
Additionally, BNB’s liquidation has hit a low of $795 over the past 24 hours.
As user numbers rise, it’s likely that Binance and its native token, BNB, will see significant growth opportunities in the future. Over the long haul, reinstating the Indian market could have a substantial positive effect on both Binance and BNB.
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2024-08-14 17:35