Binance Reportedly Wants To Pay $2 Million To Reopen In India

Paigambar Mohan Raj
Source – Crypto News

According to reports, Binance wants to pay a $2 million penalty and reopen in India after the Indian government blocked the platform and eight others in January for operating without regulator compliance. After the government’s decision, Apple and Google removed apps belonging to the companies from the region.

According to the reports, Binance wants to register with India’s Financial Intelligence Unit and reform its South Asian businesses. The company is reportedly working to adhere to all relevant rules, including regional tax and money laundering legislation.

Also Read: Solana (SOL) & Binance Coin (BNB) Price Prediction This Week

After the blockade by the Indian Government, Binance South Asia stated, “We remain committed to complying with local regulations and maintaining dialogue with regulators worldwide to ensure the continued availability of our services.

Before the Indian government ousted the platform, it held 90% of Indian investors’ holdings, worth around $4 billion. The platform’s popularity could be due to clients not having to pay a 1% tax deducted at source, as mandated by local tax laws.

Will Binance’s BNB token rally if the exchange reenters India?

Binance Coin Breaches $500: How High Can BNB Go?

India is one of the biggest markets in the world. Moreover, the region has the highest number of crypto investors. Therefore, a company like Binance has a lot to gain from reentering the Indian market. If the exchange reenters India, the platform’s BNB token might also see a significant price spike.

BNB is currently down by 20.5% from its all-time high of $686.31, which it attained in May 2021. However, according to CoinCodex, BNB might hit a new all-time high soon. The platform anticipates BNB to hit $714.95 on May 7, 2024.

Source: CoinCodex

Also Read: Binance BNB Predicted To Hit New All-Time High: Here is When

Changelly also paints a bullish picture for Binance’s BNB token for the next few weeks. The platform predicts BNB to hit $716.90 on May 6, 2024.