Insider: Binance is ready to pay a fine of about $2 million to return to India

Odaily News People familiar with the matter said Binance is ready 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 supervising the trading of virtual digital assets (VDA). In addition, Binance will comply with all applicable laws, including the Anti-Money Laundering Act (PMLA) and the VDA tax framework. Officials familiar with the matter said that India's position on global cryptocurrency exchanges "has always been very clear - compliance with all laws is required to continue operating in India." (The Economic Times)