Binance URL is now accessible in India. The exchange has paid a $2.25 million fine over non-compliance with local regulatory requirements.
In the recent past, the crypto exchange faced many challenges in navigating regulatory needs in the country, resulting in facing strict measures from the government.
Despite the legal handles, the company has managed to settle with the authorities after paying fines. Therefore, with the URL fully accessible, the exchange is set to enjoy a considerable user base.According to India’s FIU, the exchange had operated in the country within the country without fulfilling the required registration and also failed to comply with local AML regulations.The Indian government has shown serious concerns over foreign crypto companies.
With Binance complying with the local regulations, becomes the major foreign company to restore its services for the Indian market. This move is significant, especially following the recent hacking of WazirX. The development also opens the doors for other companies to comply with the legal requirements and return to the market.
In the recent past, the significance of regulatory compliance has become popular with Binance and other exchanges to try to avoid legal actions through compliance.As of this writing, BNB was trading at $527 after a 1.35% increase in the last 24 hours. Equally, the last 24 hours have seen a 1.31% increase in BNB’s market cap.Equally, AMBCrypto’s look at Coinglass showed that Open Interest increased from $500 million to $508 million over the last 24 hours.
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