TronWeekly

Crypto World News

You are here: Home / Search for "india"

Search Results for: india

Binance Returns to Indian Market After Paying $2.25M Regulatory Fine

by

Binаncе, а globаl lеаdеr in cryptocurrеncy, hаs mаdе а significаnt comеbаck in thе Indiаn mаrkеt аftеr а six-month hiаtus. This mаrks thе 19th timе Binаncе hаs succеssfully mеt rеgulаtory stаndаrds worldwidе.

Thе compаny is now officiаlly rеgistеrеd аs а rеporting еntity with Indiа’s Finаnciаl Intеlligеncе Unit (FIU). In а blog post publishеd todаy, Binаncе аnnouncеd thаt its wеbsitе аnd аpp аrе now fully аccеssiblе to usеrs in Indiа, undеrscoring its commitmеnt to аdhеring to Indiа’s аnti-monеy lаundеring (AML) rеgulаtions. 

By аligning with rеgulаtions, thе compаny is dеdicаtеd to building а sеcurе, trаnspаrеnt, аnd еfficiеnt digitаl аssеt еcosystеm thаt follows globаl bеst prаcticеs.

Richаrd Tеng, CEO of Binance, еxprеssеd his еxcitеmеnt аbout this dеvеlopmеnt, stаting,  “Our rеgistrаtion with thе FIU-IND mаrks аn importаnt milеstonе in Binаncе’s journеy. Rеcognizing thе vitаlity аnd potеntiаl of thе Indiаn VDA mаrkеt, this аlignmеnt with Indiаn rеgulаtions аllows us to tаilor our sеrvicеs to thе nееds of Indiаn usеrs. It is а privilеgе to еxtеnd thе rеаch of our cutting-еdgе plаtform to this thriving mаrkеt, supporting Indiа’s continuеd VDA еvolution.”

image 32 4
Binance Returns to Indian Market After Paying $2.25M Regulatory Fine 2

Binance Enhances Compliance Measures

Binance’s rеturn follows а pеriod of еxclusion from thе Indiаn mаrkеt. In Jаnuаry 2024, Indiаn rеgulаtors blockеd аccеss to ninе cryptocurrеncy wеbsitеs, including Binаncе, for fаiling to comply with locаl lаws.

Thе situаtion еscаlаtеd in Junе whеn thе FIU finеd Binance 188.2 million Indiаn rupееs ($2.25 million) for violаting thе country’s Prеvеntion of Monеy Lаundеring Act. Thе FIU strеssеd thе importаncе of strict AML compliаncе аnd hаd prеviously issuеd spеcific dirеctivеs to Binаncе to еnsurе thеir аdhеrеncе.

A Binance spokеspеrson confirmеd thаt thе finе hаs bееn pаid. Additionаlly, thе compаny plаns to lаunch а comprеhеnsivе compliаncе progrаm fеаturing stringеnt AML policiеs аnd controls аnd а thorough frаmеwork to combаt thе finаncing of tеrrorism (CFT).

The company is confidеnt thаt introducing thеsе industry-lеаding prаcticеs in Indiа will significаntly rаisе mаrkеt stаndаrds аnd strеngthеn thе digitаl аssеt еcosystеm. This will not only bеnеfit thе Indiаn VDA industry but аlso еnhаncе usеr protеction.

As Binance rе-еntеrs thе Indiаn mаrkеt, it rеmаins committеd to its corе principlеs of compliаncе, usеr sеcurity, аnd rеsponsiblе growth, аiming to contributе to thе globаl еxpаnsion of digitаl аssеts whilе solidifying its position in this dynаmic еnvironmеnt.

Related Readings | Schumer’s Bold Crypto Bill: Key Changes for 2024

XRP Investors Alerted: 2 Massive False Reports on India-UAE Trade

by

A prominent voice in the crypto community recently exposed misleading content targeting XRP investors. Eri, a respected XRP community figure and host of one of the top crypto YouTube channels in 2024, called out certain crypto publications for repeatedly publishing deceptive reports. According to Eri, these outlets are preying on the token community by pushing narratives that encourage investments in questionable tokens like CFT.

In a series of posts on X (formerly Twitter), Eri highlighted a pattern in which reports claim that the United Arab Emirates (UAE) and India are using XRP for oil trading, replacing the U.S. dollar. This narrative, she pointed out, has been circulating for over three years without credible evidence. Eri’s critique stemmed from an article published just yesterday, which she believes was another attempt to mislead the community and push CFT tokens.

Screenshot 256

Eri argued that both this recent article and a similar piece from last year were promotional content disguised as news, specifically targeting XRP enthusiasts. Her concerns were echoed by other members of the crypto community, who voiced frustration over the impact of such misinformation. One user noted that these tactics damage XRP’s reputation and create an unsafe environment for investors.

Screenshot 257

In another post on August 6, Eri exposed a different sponsored article falsely claiming that JPMorgan had begun accepting XRP for credit card and mortgage payments. She emphasized that this was another misleading attempt to boost engagement and draw readers toward specific tokens.

Fact Check: Is India Using XRP for Oil Deals?

The Crypto Basic conducted an investigation into the widely circulated claim that India purchased oil from the UAE using XRP. Their findings debunked the story. The deal was executed in local currencies, not the token. The confusion arose because the transaction was processed through the XRP Ledger, which offers CFT tokens as cashback rewards.

Several media outlets amplified the misleading story, failing to provide key details like transaction dates and financial values. In reality, India made its first rupee-based oil payment to the UAE in July 2023, according to Business Standard.

Misinformation campaigns like these highlight the need for caution in the crypto space, where deceptive narratives can quickly spread, targeting unsuspecting investors.

CoinDCX Launches $6M Safety Net for Indian Crypto Investors

by

CoinDCX, India’s top crypto exchange, has embarked on a transformative step towards investor protection by launching a groundbreaking Crypto Investors Protection Fund [CIPF] valued at INR 50 crores, or approximately $6.1 million. This move underscores the platform’s commitment to safeguarding user assets and fostering trust within the Indian crypto ecosystem.

With a primary focus on security, CoinDCX aims to set a new benchmark with the CIPF. This fund is touted to offer additional safeguards beyond the exchange’s traditional security measures. In the unlikely event of a hack or illegal breach, affected customers will be compensated from this fund, ensuring their investments remain secure.

CoinDCX
CoinDCX Launches $6M Safety Net for Indian Crypto Investors 6

The firm claims that its newly announced fund will help foster a sense of trust and security in the rapidly growing Indian market.

The enthusiasm for this promising asset class is incredibly high among Indians. With over 3 crore investors, India ranks among the top countries globally in this sector. With the launch of the CIPF, CoinDCX aims to further build trust in the ecosystem among the community. 

As per the blog post, CoinDCX is committing 2% of its brokerage income annually to the CIPF. This proactive approach demonstrates the exchange’s unwavering dedication to its users. With this initiative, CoinDCX aims to instill confidence among crypto investors and accelerate India’s journey towards becoming a global crypto hub.

Is your crypto safe? CoinDCX says, “Absolutely!” on feedback. The leading trading platform boasts of being India’s first FIU-registered exchange equipped with an ISO 27001:2022 certification and the latest security standards including multi-party computation [MPC], two-factor authentication [2FA], and other advanced encryptions. 

CoinDCX Doubles Valuation to $2.15B

The announcement comes after CoinDCX recently doubled its valuation to $2.15 billion after a fresh $135 million capital injection, intending to spread its footprint in the web3 and the crypto industry.

Steadview and Pantera Capital led the Series D financing round. Other prominent investors include Coinbase Ventures, Kingsway, DraperDragon, Republic, and Kindred Ventures also participated in the Mumbai-headquartered startup’s new funding. Till now, the platform has raised more than $245 million.

In an interview with a local news outlet, Sumit Gupta CEO of CoinDCX said that the funding exercise demonstrates the bullish sentiments of global investors in the Indian crypto ecosystem despite domestic regulatory challenges.

India Hits Binance with $2.25M Fine for PMLA Breach

by

Binance, one of the world’s leading cryptocurrency exchanges, was recently fined roughly $ 2.25 million or Rs. 18.82 crores by India’s Financial Intelligence Unit [FIU]. The order, dated June 19, 2024, cited multiple violations of the Prevention of Money Laundering Act [PMLA], 2002, as a Virtual Digital Asset Service Provider. The financial watchdog alleged that the crypto exchange failed to comply with its statutory obligations under the PMLA while serving Indian clients and maintaining operations within India.

Last year, FIU issued a notice to Binance, demanding an explanation for its non-compliance. The trading platform was required to justify why no action should be taken against it for neglecting its responsibilities under the Act. Following a thorough review of Binance’s written and oral submissions, the Director of FIU-IND determined that the charges were substantiated.

Binance
India Hits Binance with $2.25M Fine for PMLA Breach 8

The development came after three months when the platform and nine other offshore cryptocurrency platforms were banned from operating in India in response to the platforms’ failure to comply with FIU and PMLA guidelines. Before that action, Binance enjoyed a share of 90% of the estimated $4 billion crypto holdings of Indian nationals.

Despite the penalties, the exchange has made its intention clear of its comeback. However, its re-entry will involve meeting new conditions, including registration with the Treasury Department’s Financial Intelligence Unit and adherence to relevant laws like the Prevention of Money Laundering Act and the VDA tax framework.

Binance’s Plans to Re-enter India Unveiled

Previously, Seychelles-based crypto exchange Kucoin, which had registered with the FIU in March, was fined $3.45 million. After becoming FIU compliant, the ban was lifted. This move positioned Kucoin as the second offshore exchange to register under the FIU and PMLA regulations officially.

“With KuCoin and now Binance, it seems like foreign exchanges are not ready to miss the Indian crypto market,” wrote one user.

Furthermore, Binance has revealed that it is planning to provide localized payment solutions, establish a dedicated team in India, and make further investments in the country’s blockchain infrastructure.

Binance’s Bold Move: Plans Return to India After $2M Penalty

by

Binance, the behemoth of cryptocurrency exchanges, is poised to make a comeback in India, a move that could redefine the landscape of digital asset trading in the country. The world’s largest crypto exchange has been making headlines recently, with reports indicating its readiness to re-enter the Indian market after facing regulatory hurdles.

According to sources cited by India’s Economic Times, Binance is gearing up to pay a hefty $2 million penalty as it sets its sights on re-establishing a presence in the South Asian nation. The exchange’s strategy involves revamping its operations to comply with local regulations, particularly those overseen by India’s Financial Intelligence Unit, which governs the trade of digital assets in the region.

India, Binance and Crypto: Triumph or Troubles

This development comes in the wake of a crackdown by the Indian government earlier this year, which saw the blocking of nine cryptocurrency websites deemed to be operating illegally without adhering to regulatory requirements. The ripple effect of this regulatory action was felt across app stores, with Apple and Google removing crypto exchange apps from their platforms in India.

In response to these challenges, Binance South Asia expressed its commitment to regulatory compliance and dialogue with authorities globally. This proactive approach underscores the exchange’s determination to navigate the complex regulatory landscape while ensuring the uninterrupted provision of its services to users worldwide.

Prior to the ban, Binance held a dominant position in the Indian crypto market, commanding around 90% of the crypto holdings of local investors valued at an estimated $4 billion. Its previous stronghold over the market was facilitated by lax enforcement of tax laws, allowing users to trade crypto without being subject to a 1% tax deducted at source.

As Binance prepares to re-enter the Indian market, its willingness to adhere to regulatory requirements signals a shift towards greater accountability and transparency within the crypto industry. By embracing regulatory compliance, Binance not only seeks to regain its foothold in India but also to rebuild trust among users and stakeholders alike, paving the way for a more secure and regulated crypto ecosystem in the country.

Shiba Inu Shines in India: Defies Regulatory Challenges

by

In a testament to its growing popularity, Shiba Inu has secured a new listing on Flitpay, an emerging player in the Indian cryptocurrency landscape. According to the announcement, the crypto exchange is encouraging users to take advantage of a 1% assured bonus and the opportunity to reclaim deposit fees. This move by Flitpay includes the second-largest meme coin, following the recent listing of Dogecoin [DOGE]. That said, both listings of the meme coins hold significant importance.

Deposits are available in India on Flitpay. Deposit now to earn a 1% assured bonus and reclaim your deposit fees.

It becomes especially noteworthy amid the recent crackdown by the Indian government on offshore exchanges like Binance and KuCoin, causing uncertainty and apprehension among the Indian crypto community. With a focus on compliance with anti-money laundering [AML] laws, several websites have faced blocks, and users may encounter potential limitations.

Shiba Inu
Shiba Inu Shines in India: Defies Regulatory Challenges 10

Expressing optimism about the new listing, SHIB enthusiast Lola remarked, “This is good since their country started censoring and blocking domains of many big CEX. Perhaps they can also integrate SHIBARIUM.” This positive development unfolds against the backdrop of the challenging regulatory environment for cryptocurrencies in India.

Shiba Inu’s popularity has exceeded expectations, establishing itself as a standout performer in the cryptocurrency space. It outpaced major players like Ethereum [ETH], Cardano [ADA], and Ripple-affiliated XRP to secure the second-most traded position in 2023. The meme token has gained prominence on the India-based crypto exchange WazirX, consistently ranking among the top-performing assets by trading volume, only surpassed by Bitcoin.

Shiba Inu’s Momentum Surges

This latest development follows the announcements from major cryptocurrency exchanges such as Gate.io, OKX, and EarnBIT, all confirming the listing of the SHIB token.

Furthermore, the US-based cryptocurrency trading platform Robinhood has substantially increased its Shiba Inu [SHIB] holdings. In less than 24 hours, Robinhood acquired an additional 231 billion SHIB tokens. This surge elevates the total SHIB holdings of the financial trading giant to 36.7 trillion, showcasing a remarkable increase of over 16 trillion since August 2023, as reported by Arkham Intelligence data.

Dogecoin Gains Foothold In India with Flitpay Listing Amidst Market Uncertainty

by

To broaden its reach, Dogecoin (DOGE) has found a new home on the Flitpay crypto exchange in India. The exchange announced the availability of DOGE deposits and withdrawals, encouraging users to take advantage of a 1% Assured Bonus and the opportunity to reclaim deposit fees. To sweeten the deal, Flitpay is running a promotion where participants stand a chance to win 20 $DOGE each by reposting and tagging friends.

Market Analysis: Dogecoin’s Rollercoaster Ride

As for the market performance, Dogecoin is currently trading at $0.077927, with a 24-hour trading volume of $348 million, marking an impressive 40.08% surge. Despite a recent 3.21% dip, the cryptocurrency holds the #10 spot on CoinMarketCap, boasting a market cap of $11 billion.

The recent downtrend in Dogecoin’s price suggests a potential reversal for meme coins. While the past week witnessed a 7.5% decline, indicators point to a reversal rally with a promising 30% upside potential. However, the market remains volatile, with the fate of Dogecoin hinging on broader trends. If the current sluggishness persists, a break below the crucial 200-day EMA support could trigger a 17.5% decline to $0.066.

DOGE 7D graph coinmarketcap 11

On a more optimistic note, a resurgence of positive sentiment, possibly driven by community support, could lead to a bullish reversal. If the coin breaches the $0.0877 neckline resistance, a post-breakout rally may propel DOGE by 22%, targeting $0.107.

Despite its potential, Dogecoin has faced disappointment in recent months, witnessing consistent declines. Retail investors have taken a step back due to this lack of growth, leaving the initiative with whales. After a discouraging month, investors seem hesitant, reflected in the 36.8% drop in active addresses from 217,000 to 137,000.

image 72

In response, whales are attempting a comeback by accumulating significant amounts of DOGE. Wallets holding between 1 million and 10 million DOGE have added over 140 million DOGE, worth $10.7 million, in just two weeks. With these large holders having a substantial influence on the circulating supply, their actions could determine whether Dogecoin experiences a recovery or further corrections in price.

image 73

However, Dogecoin’s journey in India and the strategic moves by whales add layers of complexity to its narrative, leaving the community eagerly anticipating the next chapter in this crypto saga.

Related Reading | Bitcoin Countdown: ViaBTC Predicts Post-Halving Price

FIU Notice Spurs Shift: Indian Crypto Exchanges Draw In Binance And OKX Investors

by

In response to the Financial Intelligence Unit’s (FIU) issuance of a notice of noncompliance against 10 foreign crypto exchanges on December 28, 2023, Indian crypto exchanges are now presenting enticing options for investors looking to transfer their crypto assets from banned offshore platforms. The Ministry of Finance Financial Intelligence Unit had imposed a ban on off-shore crypto exchanges such as Binance and OKX.

Several prominent Indian crypto exchanges have introduced appealing fee waiver deals to assist users facing challenges in moving their funds from prohibited foreign crypto exchanges. CoinDCX, a major player in the Indian crypto market based on trading volume, declared that it has allocated $1 million to facilitate the transfer of assets to compliant crypto exchanges.

Approximately USD 4 billion is currently invested by Indian investors in offshore crypto exchanges. In light of the recent regulatory developments and the ban on offshore exchanges, users are expressing concerns about the safety of their assets. They are actively seeking secure and compliant alternatives to sustain their crypto endeavors. Sumit Gupta, CEO of CoinDCX, shared insights on this matter with tronweekly, emphasizing the importance of ensuring a smooth transition for users amid these regulatory changes.

‘We have witnessed a remarkable 2000% surge in new inflows within the initial week following the issuance of show cause notices to non-compliant entities. In a bid to reinforce trust within the crypto community, CoinDCX has allocated a $1 million fund to assist investors in transferring assets from non-compliant offshore exchanges to the CoinDCX platform. The exchange is actively supporting users through seamless crypto deposits, accompanied by a 1% bonus, and has opened secure deposit routes for a smooth transition.”

Subsequently, BuyUcoin, another Indian crypto exchange, disclosed its initiative of facilitating zero-fee transfers for users moving their assets from offshore exchanges following the FIU ban. CEO Shivam Thakral expressed to Tronweekly that they view the FIU’s decision as a positive measure in safeguarding investor interests and upholding regulations governing capital flow in the context of foreign exchange entities.

FIU Acknowledgment: WazirX’s Bonus Spurs Surge In Crypto Activity

In a similar vein, WazirX, a prominent exchange, introduced a 1% bonus for users transferring their crypto holdings to the platform. This move resulted in a noteworthy surge, with a 42.3% increase in peer-to-peer transactions, a substantial 253% rise in spot trading volume, and a remarkable 114% uptick in overall deposits (comprising both crypto and INR) from November to January, compared to the preceding three months. Rajagopal Menon, vice president of WazirX, conveyed to Tronweekly that the recent actions taken by the FIU were overdue and necessary for the market.

“I think it was long overdue. Foreign exchanges were making merry at the expense of Indian exchanges because of regulatory and tax arbitrage. It was a bad situation for everybody: Indian users had no recourse, the government lost tax revenue, and Indian exchanges lost market share.”

The Financial Intelligence Unit (FIU), a division of the Indian Finance Ministry, issued a notice of non-compliance to Binance, Huobi, Kraken, Gate.io, KuCoin, Bitstamp, MEXC Global, Bittrex, and Bitfinex for allegedly conducting illegal operations in India on December 28, 2023. Providing a one-week window for crypto exchanges to respond, the FIU recommended the IT department to block the URLs of the mentioned foreign crypto exchanges in case of non-compliance.

Around two weeks after the FIU notice, on January 10, Apple’s Indian app store took the step of blocking all foreign crypto exchanges, while the Android app store still hosted them. Subsequently, within a week, these foreign crypto exchanges were also barred from Google’s app store. This development caused anxiety among Indian users who had turned to foreign exchanges like Binance to avoid a hefty 30% crypto tax.

Various Indian crypto influencers deliberated alternative methods for users to access the banned platforms in India, including through virtual private networks. However, BuyUcoin cautioned against such approaches, citing potential severe consequences for Indian users, such as the risk of losing their crypto assets or money to phishing sites and other online scams.

In response to the regulatory changes, OKX has reportedly initiated the process of requesting Indian users to update their personal information to align with local regulations, indicating a shift towards compliance with the FIU’s directives.

Apple India Initiates Crypto App Purge: Binance Reacts

by

Less than two weeks after Indian authorities raised concerns over the operation of crypto exchanges, deeming them “illegal,” Apple India has removed at least eight apps associated with these platforms from its App Store. The affected apps include those belonging to major entities like Binance, Kraken, Mexc, Huobi, Gate.io, Bittrex, and Bitfinex. While some, like Bitstamp, remain operational, OKX has disappeared from the App Store.

The removal of these apps from the App Store was reportedly initiated by the Ministry of Electronics and Information Technology, according to insiders who wished to remain anonymous. Although the apps are still available on the Google Play Store in India and their websites remain accessible, users who already have the apps installed can continue using them.

India
Apple India Initiates Crypto App Purge: Binance Reacts 15

Binance responded to the situation with a statement, acknowledging the changes affecting crypto exchanges on the iOS App Store in India. The statement reassured users that existing app users would not be impacted, emphasizing the commitment to comply with local regulations and engage in ongoing dialogues with regulators worldwide.

This development comes in the wake of India’s Financial Intelligence Unit [FIU IND] taking stringent action against nine offshore Virtual Digital Assets Service Providers [VDA SPs], including Binance, Kucoin, and Huobi. Accused of failing to register and adhere to anti-money laundering [AML] and counter-financing of terrorism [CFT] frameworks, these entities received compliance show-cause notices, TronWeekly reported the other day.

Indian Ministry Seeks To Block Crypto Exchanges’ URLs

FIU IND’s move, initiated in March 2023, aimed to bring virtual digital asset service providers under the purview of the AML-CFT framework. The targeted crypto entities, including Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex, were alleged to be operating illegally in India without adhering to the provisions of the Prevention of Money Laundering Act, 2002 [PMLA].

In an escalated response, the director of FIU IND urged the Ministry of Electronics and Information Technology to block the URLs of these entities. This aggressive measure seeks to prevent access to platforms perceived as flouting Indian financial regulations, adding another layer to the ongoing regulatory crackdown in the country.

India Issues Warning To Global Crypto Exchanges, Binance & Others At Risk

by

India’s Financial Intelligence Unit (FIU IND) has issued stern warnings to nine offshore Virtual Digital Assets Service Providers (VDA SPs), including prominent platforms like Binance, Kucoin, and Huobi. The crackdown comes as these entities have failed to register and adhere to the Anti Money Laundering (AML) and Counter Financing of Terrorism (CFT) framework.

image 104

Nine Major Crypto Exchanges In The Crosshairs

In an official press release, FIU IND revealed that compliance Show Cause Notices have been dispatched to the nine offshore VDA SPs under Section 13 of the Prevention of Money Laundering Act, 2002 (PMLA). The move is part of a broader effort to bring Virtual Digital Asset Service Providers under the ambit of the AML-CFT framework, a move initiated in March 2023.

The crypto entities targeted by FIU IND include Binance, Kucoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex. These offshore VDA SPs have allegedly been operating illegally in India without conforming to the provisions of the PML Act.

The director of FIU IND has taken the matter a step further, urging the Ministry of Electronics and Information Technology to block the URLs of these entities. This aggressive measure is aimed at preventing access to the platforms that are deemed to be flouting Indian financial regulations.

The regulations, incorporated under the Prevention of Money Laundering Act, 2002, mandate that VDA SPs operating in India, both offshore and onshore, engage in activities like the exchange between virtual digital assets and fiat currencies, transfer of virtual digital assets, and safekeeping or administration of virtual digital assets, to register with FIU IND as Reporting Entities. The regulations impose activity-based obligations, irrespective of physical presence in India.

While 31 VDA SPs have complied with the registration requirements to date, the recent crackdown highlights the presence of several offshore entities catering to a significant portion of Indian users yet evading registration and falling under the AML-CFT framework.

This regulatory move aligns with India’s broader strategy to regulate and supervise the burgeoning cryptocurrency market within its borders, ensuring compliance with international standards for combating money laundering and terrorist financing. 

Related Reading | Binance Ex-Founder CZ Defies Legal Turmoil, Tops Crypto Moguls In 2023