Binance and 9 foreign crypto exchanges were blocked in India over noncompliance with local AML regulations.
Binance crypto exchange is set to return to India after a four-month ban by paying a $2 million fine for non-compliance, according to a report published in Economic Times.
Binance will be the second overseas exchange after KuCoin to mark a return to the country after India’s financial regulatory body blocked access to crypto exchanges for non-compliance.
The Indian Ministry of Finance’s Financial Intelligence Unit (FIU) blocked access to nine foreign crypto exchange’s URLs and mobile applications, including Binance, in the first week of January for failing to adhere to the country’s Anti-Money Laundering Act.