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News on Medial
Binance Discontinues Cash Payment For P2P Trades In India: Report
Inc42
·
1y ago
Medial
Cryptocurrency traders in India have been utilizing the services of virtual asset service providers like Binance and Kucoin to evade taxes on their trades. However, the Financial Intelligence Unit (FIU) has reportedly approved applications from Binance and Kucoin to operate as virtual asset service providers in India. Earlier, in January, the Indian government had blocked access to Binance and other offshore crypto platforms due to alleged violations of anti-money laundering regulations.
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Centre wants Binance to comply with PMLA rules to resume operations
Economic Times
·
1y ago
Medial
Cryptocurrency exchange Binance has been in discussions with the Indian government to restore access to its mobile app and website. However, the government has rejected Binance's plea to resume operations in India until they comply with the Prevention of Money Laundering Act (PMLA) guidelines. The government is also taking action against traders who are using VPNs to access Binance's website and continue crypto trades illegally. Binance has expressed willingness to pay taxes and penalties but needs time to set up processes to follow PMLA and FIU rules. The government has emphasized the importance of compliance with PMLA before any further discussions.
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UPI transactions witnesses 118% rise at retail stores in 2023: PayNearby Report
IndianStartupNews
·
1y ago
Medial
PayNearby's 'Retail-O-Nomics' report reveals a significant increase in UPI transaction volume and value at semi-urban and rural stores, indicating the expansion of digital payment adoption beyond Tier II regions in India. The report also highlights growth in mPOS acceptance, insurance policy purchases, and diverse transactions such as banking and utility payments. Cash withdrawals through Micro ATMs and AePS fell short of expectations, but there was a rise in demand for MATM devices. The report also notes the emergence of assisted e-commerce, digital services subscriptions, and credit products.
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Crypto Heist: WazirX Seeks Help From Binance To Bail Out Customers
Inc42
·
1y ago
Medial
Binance holds control over WazirX's revenue and WRX token, according to a recent report. WazirX is currently engaged in a legal dispute with Binance, and discussions between the two companies are still in the early stages. Additionally, Binance held $80 million worth of WazirX tokens during a crypto hack.
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Crypto Exchange Binance Gets INR 722 Cr GST Demand Notice
Inc42
·
1y ago
Medial
Binance, a popular cryptocurrency exchange platform, has been issued a show-cause notice by the Directorate General of Goods and Services Tax Intelligence (DGGI) in India. The notice demands payment of INR 722 crore in Goods and Services Tax (GST). The tax demand arises from transaction fees amounting to INR 4,000 crore collected by Binance from Indian traders. This follows a recent fine of INR 18.82 crore by the Financial Intelligence Unit (FIU) for violations of anti-money laundering regulations.
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Despite digital boom, COD reigns supreme for D2C brands: Report
YourStory
·
7m ago
Medial
According to a report by Shopflo, cash still remains the preferred method of payment for online shoppers in India, with about 40% of ecommerce orders being processed via UPI. Cash-on-delivery (COD) orders decreased slightly but still accounted for 45.6% of orders. However, the report doesn't consider COD orders that are paid through UPI QR codes at the last mile. While COD orders have disadvantages such as fraud concerns and higher shipping costs, it allows consumers to take risks with new brands and can lead to increased conversion rates. Tier II towns have a higher average order value compared to metropolitan cities. During the festive season, average order values varied across different product categories.
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Hitachi Unveils Android-Based Cash Recycling Machine
Inc42
·
11m ago
Medial
Hitachi Payment Services has launched a new customer relationship management (CRM) system that includes digital banking services such as cash withdrawals and deposits. The new CRM combines the benefits of an Android platform with traditional cash recycling capabilities. This launch follows Hitachi Payment Services receiving authorization from the RBI to operate a payment aggregator in India.
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US judge approves Binance's $4.3-billion guilty plea
Economic Times
·
1y ago
Medial
A US judge has accepted the $4.3 billion penalty and guilty plea from Binance, the world's largest cryptocurrency exchange, for violating federal anti-money laundering and sanctions laws. The plea includes a $1.81 billion criminal fine and $2.51 billion of forfeiture. Binance had failed to report over 100,000 suspicious transactions, supported the sale of child sexual abuse materials, and received significant ransomware proceeds. Binance has accepted responsibility and made progress in upgrading its protocols. Binance founder Changpeng Zhao has also pleaded guilty and is free on a $175 million bond, with conditions set for his sentencing in April.
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P2P sector sitting on Rs 1,163 crore of bad loans: RTI filing shows
Economic Times
·
8m ago
Medial
Non-performing assets (NPAs) in the peer-to-peer (P2P) lending sector in India have increased to Rs 1,163 crore as of March 2024, according to an RTI filing. The sector has experienced exponential growth over the past two years, driven by partnerships between P2P platforms and consumer-facing applications. However, concerns have been raised as the NPAs now account for around 17% of the industry's total assets under management (AUM). The Reserve Bank of India (RBI) has tightened regulations on the P2P space to address non-compliance and protect investors.
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The crypto queen pulling the strings at Binance
Livemint
·
1y ago
Medial
Yi He, co-founder and partner of Binance, has taken over the role of defending the cryptocurrency exchange after Changpeng Zhao stepped down amidst guilty pleas to violating anti-money laundering laws. Yi He, who is also Zhao's romantic partner, now wields significant control over Binance's marketing and investment divisions, as well as playing a key role in selecting the company's new independent board. However, some former executives argue that Yi He's regulatory avoidance approach has led to the company's legal troubles and record-breaking fines. Despite this, Binance remains a powerful player in the crypto space, processing billions of dollars in trades daily.
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Abu Dhabi's MGX to use Trump-linked stablecoin for $2 bn investment in Binance
VCCircle
·
3m ago
Medial
Abu Dhabi's investment firm MGX is using a stablecoin launched by Donald Trump's World Liberty Financial venture for a $2 billion investment in Binance, the world's largest crypto exchange. Announced at the TOKEN2049 conference by co-founder Zach Witkoff, this stablecoin, USD1, is fully backed by U.S. Treasuries and cash equivalents to maintain its $1 value. This move strengthens ties between Binance and the United Arab Emirates amid growing crypto interest.
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