Insiders: Binance is preparing to pay a fine of about $2 million to return to the Indian market

ChainCatcher news, according to The Economic Times, informed sources say that Binance is preparing to pay a fine of about $2 million and plans to return to India. The exchange will return as an entity registered with the Financial Intelligence Unit (FIU) of the Ministry of Finance. The FIU is responsible for overseeing the trading of virtual digital assets (VDA). Additionally, Binance will comply with all applicable laws, including the Prevention of Money Laundering Act (PMLA) and the VDA tax framework.

Informed officials stated that India's stance on global cryptocurrency exchanges has "always been very clear—comply with all laws to continue operating in India."