As you may remember, Binance, the world's largest cryptocurrency exchange, was banned along with other exchanges by the Indian government earlier this year.
According to The Economic Times, Binance is preparing to enter the Indian market again by paying a $2 billion penalty after this ban.
At this point, people providing information on the subject added that Binance will return as an organization registered with the Financial Intelligence Unit (FIU) of the Ministry of Finance of India.
The sources added that Binance is working to comply with all applicable regulations, including the country's local money laundering and taxation laws, as it returns.
The news stated that Indian officials said, “India's position is always clear for all global cryptocurrency exchanges and they must comply with all laws to continue operating in India.”
Apart from Binance, OKX, KuCoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC and Bitfinex were among the other exchanges notified by India at that time.
Finally, it was stated in the news that Binance held approximately 90% of the crypto assets of Indian investors worth $ 4 billion before it was banned.