- Report this article
Coin Gabbar | Crypto Information Marketplace
Coin Gabbar | Crypto Information Marketplace
Coin Gabbar is Information & Research Marketplace in Crypto space. First Learn to Earn Web3 Project & Launchpad for B2B
Published Feb 5, 2024
+ Follow
Binance Exchange Must Adhere to PMLA Guidelines
The Indian government has rejected Binance's request for reinstating temporary operations in India. In a stern response to Binance's plea, the government emphasised compliance with the country's laws, including PMLA (Prevention of Money Laundering Act), and urged the platform to implement necessary procedures. While Binance has settled outstanding taxes and penalties, it has not yet agreed to follow the guidelines outlined in the PMLA.
No Special Treatment for Binance
The Indian government is unwilling to grant any exemptions to cryptocurrency exchange Binance. Despite Binance expressing the need for time to set up processes for adhering to PMLA and Financial Intelligence Unit (FIU) rules, the government asserted that no firm could be granted such concessions. Binance must fully comply with all regulations before further discussions on this matter.
Recommended next reads
Coin Gabbar suggests that the government's top priority is ensuring user safety. It is unlikely to take any steps that could potentially harm Indian investors. Binance needs to fulfil all regulatory requirements before any further considerations are made by the Indian government.
Ban on 9 Exchanges, Including Binance
Earlier, the Indian government had completely banned nine cryptocurrency exchanges, including Binance, for failure to register with the FIU at the beginning of the year. In recent actions, the government not only removed apps of foreign crypto exchanges from Google Play Store and Apple App Store for Indian users but also blocked access to the platforms' URLs. Notably, the exchanges facing government actions include Binance, Bittrex, Kucoin, Huobi, MEXC Global, Kraken, Bitstamp, Gate.io, and Bitfinex.
Like
Celebrate
Support
Love
Insightful
Funny
13
To view or add a comment, sign in
More articles by this author
No more previous content
- Binance Bold Move TO Unveil Scam Apps In India With ED May 3, 2024
- Pi Coin Set New Highs Of 47 Dollars Before Mainnet Launch May 2, 2024
- Binance Founder CZ Faces 4-Months Imprisonment May 1, 2024
- Post-Halving Effects On Bitcoin Runes, Entice $135 Million Apr 27, 2024
- UK Treasury Will Finalize Crypto Regulations Plan In July Apr 17, 2024
- Binance Exchange Alleged For Defying Nigerian Norms Apr 15, 2024
- Binance’s Future Plans After Settlement with US Authorities Apr 11, 2024
- Pi Network to Launch its Mainnet in June 2024 Apr 10, 2024
- CCData Report Highlights Growth in Crypto Exchange Apr 8, 2024
- BNDR A Unique Crypto Meme Which Serves as a Helping Hand Apr 6, 2024
No more next content
Sign in
Stay updated on your professional world
Sign in
By clicking Continue to join or sign in, you agree to LinkedIn’s User Agreement, Privacy Policy, and Cookie Policy.
New to LinkedIn? Join now
Insights from the community
- Financial Technology How can you use cryptocurrencies to save money on remittances?
- Blockchain How can Blockchain professionals build relationships with regulators?
- Blockchain What are the most important factors to consider when scheduling a DAO token swap?
- Technical Analysis What do you do if you're a technical analysis expert facing the surge of cryptocurrency markets?
- Business Development How can you negotiate a successful blockchain plan?
- Payment Systems How do Payment Systems help you with currency conversion?
- Blockchain How can DeFi increase financial transparency?
- Payment Systems How do you evaluate blockchain and cryptocurrencies as Payment Systems Standards?
- Sales How can you use cryptocurrency to streamline sales transactions?
- Technical Analysis What are the most effective ways to use TA data for cryptocurrency trading?
Others also viewed
- TO LET GO OR HODL ON! Sanam Khan 5y
- Crypto in India: A Decision Please! Arpita Bedekar 2y
- Did Binance Just Destabilize an Entire National Currency? Blockhead 1mo
- Cryptocurrencies: inevitability and the need for effective regulations Gaurav Sahay 4y
- Uzbekistan Bans Citizens From Buying Cryptocurrencies Silk Chain 4y
- Cryptocurrency News | Pan Gongsheng categorizes STOs as 'Illegal Financial Activity inChina' Nikunj Mittal 5y
- A Peak For the ICO Bubble? China Declares it Illegal Reviser Investments 6y
- Cryptocurrency: Sovereign States reckon a bane? ANB Legal- India 2y
- Cryptocurrency ban in India: Government is continuing efforts to prohibit all private cryptos Anndy Lian 2y
Explore topics
- Sales
- Marketing
- Business Administration
- HR Management
- Content Management
- Engineering
- Soft Skills
- See All