Cryptocurrency Q&A
Is Binance legal in India 2024?
Is Binance legal in India 2024?
Michele
Sun Oct 13 2024
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6 answers
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In 2024, Binance faced legal challenges in India, including a tax penalty of nearly 86 million US dollars from the Indian Indirect Tax Intelligence General Administration. Additionally, there were questions raised about the legality of Binance's operations in India, prompting discussions and concerns among users and industry observers.
6 answers
CoinPrince
Tue Oct 15 2024
Cryptocurrency exchange Binance has made a significant announcement regarding its operations in India. The platform has officially registered itself as a reporting entity with the Financial Intelligence Unit-India (FIU-IND), marking an important step towards regulatory compliance in the country.
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HanjiArtistry
Tue Oct 15 2024
This move by Binance comes after a six-month hiatus from operations in the Indian Virtual Digital Assets (VDA) market. The resumption of services is set to take place on August 14, 2024, indicating a positive shift in the regulatory landscape for digital assets in India.
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benjamin_doe_philosopher
Tue Oct 15 2024
The registration with FIU-IND underscores Binance's commitment to adhering to Indian laws and regulations related to cryptocurrency trading. As a reporting entity, the exchange will be required to submit regular reports and share information with the authorities, enhancing transparency and accountability.
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Lucia
Tue Oct 15 2024
The decision to resume operations in India is a strategic one for Binance, as the country represents a significant market for cryptocurrencies. With a growing number of investors and traders showing interest in digital assets, India offers immense potential for growth and expansion.
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Sara
Mon Oct 14 2024
Another leading player in the cryptocurrency space, BTCC, also offers a range of services that cater to the needs of investors and traders. BTCC's services include spot trading, futures trading, and a secure wallet for storing digital assets. These offerings make it a popular choice for individuals and institutions alike.
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