The Indian government has firmly rejected cryptocurrency exchange Binance’s plea to restore services in the country. This firm decision emphasizes India’s commitment to enforcing anti-money laundering regulations.
However, after paying taxes and penalties, Binance wanted to return to providing services following the payoffs. Still, this time, it did not have plans for proceedings set up under the PMLA and FIU standards of the country.
The authorities in India highlighted the necessity for full implementation as being nothing but a mandatory co-condition prerequisite for further discussion.
Officials refused concessions despite Binance pleading for time to establish PMLA and FIU compliance processes. To skirt the ban, the government collaborated with banks to formulate strategies against traders illegally accessing Binance using virtual private networks.
Earlier, India banned Binance along with eight other cryptocurrency exchanges for failing to register with the FIU. Subsequently, the government removed foreign exchange apps from application stores and blocked access to their websites. The exchanges include Binance, Bittrex, Kucoin, Huobi, MEXC Global, Kraken, Bitstamp, Gate.io, and Bitfinex.
This development signals India’s intent to enforce regulations and ensure compliant cryptocurrency trading. It remains to be seen if Binance can potentially satisfy the requirements to restore services. Meanwhile, the government continues monitoring banned platforms to eliminate unlawful usage.