Binance Agreed To The Rules Of The Government Of India
Hello, guys I hope you’re doing fine today we are going to talk about binance entry in India. There is no doubt that Binance is the biggest exchange and finally, after 4 months of the ban in India, Binance is coming back because it is agreed to FIU guidelines of India. But Binance has to pay $2 million as a penalty to come back to India after that it will register with the financial intelligence unit to run its services in India so it seems easy but it is not easy because FIU guidelines are strict guidelines and you can see that Indian exchanges are not able to provide regular withdrawal and there are many problems it is because of the harsh tax rules as well as these difficult guidelines so I do not know how Binance will manage this I hope that Binance will be able to manage this thing.
So Binance is ready to follow Indian laws such as the Prevention of Money Laundering Act and taxation framework. Also, binance will create a new team for India that will manage all the things in India maybe they can launch a new platform for the Indian users where everything will be designed as per the rules. A few months ago Indian government banned 9 exchanges from India these exchanges are international exchanges running their services in India without following the guidelines and because of this they were getting banned but now they are coming back not all but sometimes ago kucoin announced and these two are biggest exchanges especially binance and binance holding big user base of India that is why it is not possible to leave the Indian market for the binance.
According to industry experts, this move will increase the competition in India because binance is a big exchange and it is coming back when the bull season is about to start this will lead to lots of investment in Crypto which is why it will increase the crypto mobility in India. So this will be good news for the users who are not able to access the binance but this is not good news because after this binance will take 1% tds and it is the tracking of your transactions which means if you are going to give one percentag then your transaction will be tracked and you have to pay another 30% tax by the end of the financial year.
Send a taxes are higher than it is not good to pay this is my tax that is why most of the users running away from this tax but now Binance must need to follow the guidelines to run the services in India that is why it agreed to do this so that is what I want to share in this post please share this post on social media and if you have question regarding this information then do a comment below.
Lucky Ali
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 | Hi I am lucky ali from gujarat, india. I am a crypto enthusiast, blogger, and SEO developer. I am always interested in learning new things and getting new experiences. You can find me on hive, twitter and discord (Lucky Ali#6343). Sharing is caring, Thank you hive family ♥ |
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