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Binance Assures Indian Users Amid Regulatory Challenges

Binance addresses app removals from Indian digital platforms, ensuring security and compliance with local regulations.
Published on 2024-01-15

Cryptocurrency App Delisting in India

Major cryptocurrency exchanges like Binance and OKX faced delisting from Apple’s App Store and Google’s Play Store in India. This action aligns with India's enforcement of Financial Intelligence Unit (FIU) requirements under the Prevention of Money Laundering Act (PMLA).

Assurance from Binance

In response, Binance reassured its Indian users about the security and continuity of their funds. Despite app removals, existing installations remain operational. Binance is actively engaging with regulatory bodies to ensure compliance with local laws.

India's Crypto Regulatory Environment

India's stringent regulatory landscape significantly impacts the cryptocurrency sector. The country enforces a 30% tax on crypto transactions and a 1% tax deducted at source (TDS) on transactions over INR 10,000. These regulations have led to a decrease in local trading volumes.

Binance's Proactive Measures

Receiving compliance notices from the FIU in December 2023, Binance is navigating these challenges by communicating proactively with its user base. The exchange aims to alleviate user concerns while working towards compliance with Indian authorities.

By maintaining open communication and aligning with local regulations, Binance strives to fortify its position in India's evolving crypto market.

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