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Centre wants Binance to comply with PMLA rules to resume operations

Economic Times

Economic Times · 1y ago

Centre wants Binance to comply with PMLA rules to resume operations

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.

Related News

Binance Likely To Resume India Operations As FIU-Registered Entity

Inc42 · 1y ago

Binance Likely To Resume India Operations As FIU-Registered Entity

Cryptocurrency exchange Binance is planning to resume its operations in India by registering with the Financial Intelligence Unit (FIU) and committing to adhere to relevant laws, including the Prevention of Money Laundering Act (PMLA) and the virtual digital assets (VDA) taxation framework. Binance had previously been banned by the Indian government and is now looking to re-establish itself in the country by paying a penalty. The FIU has stated that all global cryptocurrency exchanges must comply with Indian laws to maintain operations in the country. Several other cryptocurrency platforms have already registered with the FIU.

FIU issues notice to Binance, 8 other offshore crypto platforms, writes to MeitY for blocking of URLs

Economic Times

Economic Times · 1y ago

FIU issues notice to Binance, 8 other offshore crypto platforms, writes to MeitY for blocking of URLs

The Financial Intelligence Unit (FIU) has issued show cause notices to nine offshore cryptocurrency and digital asset platforms, including Binance and Kucoin, for non-compliance with anti-money laundering laws. The FIU has also requested the Ministry of Electronics and Information Technology to block the URLs of these platforms for operating illegally in India. Other platforms issued notices include Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfenex. These platforms are required to register as reporting entities with the FIU-India and comply with the Prevention of Money Laundering Act (PMLA) 2002.

Binance builds tech framework to trace money, says cryptocurrencies not for all

Livemint

Livemint · 10m ago

Binance builds tech framework to trace money, says cryptocurrencies not for all

Rohit Wad, the global chief technology officer of Binance, the world's largest cryptocurrency exchange, agrees with the caution expressed by India's Reserve Bank governor regarding cryptocurrencies. Wad believes regulatory clarity is necessary for the maturity of the industry. Binance has developed a technology framework to ensure compliance with regulatory requirements in different countries. It maintains an audit trail of transactions to comply with money laundering investigations. Wad also discussed the distinction between centralized and decentralized transactions. In August, Binance was cleared to operate in India after complying with anti-money laundering rules.

SENI eases norms for stock brokers to operate from GIFT city

YourStory

YourStory · 3m ago

SENI eases norms for stock brokers to operate from GIFT city

SEBI has eased rules for stock brokers operating in the International Financial Services Centre (IFSC) at GIFT City, allowing operations without prior approval. Brokers can conduct activities via a separate business unit (SBU) of the stock broking entity. SBUs must segregate IFSC activities from Indian market activities and comply with regulatory frameworks. Existing subsidiaries in GIFT-IFSC can be converted to SBUs. Each SBU requires separate accounting, risk management, and net worth assessments.

Binance sets up Polish entity for residents of Belgium after regulatory action

Economic Times

Economic Times · 2y ago

Binance sets up Polish entity for residents of Belgium after regulatory action

Binance, the largest cryptocurrency exchange, has established a Polish entity to serve Belgian clients after Belgium's regulator ordered it to cease offering virtual currency services in the country. Binance aims to comply with regulatory obligations and continue providing services to Belgian users. The exchange has faced increased scrutiny from regulators globally and has been sued by US regulators for alleged deception. Additionally, Mastercard ended crypto card partnerships with Binance in several countries.

Germany wants Big Tech to pay towards compliance costs of new digital law

Economic Times

Economic Times · 1y ago

Germany wants Big Tech to pay towards compliance costs of new digital law

Germany is urging Big Tech companies like Alphabet, Amazon, Apple, ByteDance, Meta Platforms, and Microsoft to contribute to the compliance costs of new EU regulations designed to limit their influence. The Digital Markets Act (DMA) requires these companies to comply with a set of rules by March 7. The proposed financing model for these costs would be similar to that of the Digital Services Act (DSA), where large online platforms pay a supervisory fee based on their annual worldwide net income. Additionally, Germany suggests EU antitrust enforcers prioritize key sectors with international significance to enhance European competitiveness.

Nigeria demands Binance disclose top users, executives remain detained

TechCrunch · 1y ago

Nigeria demands Binance disclose top users, executives remain detained

Nigeria is reportedly requesting information from cryptocurrency exchange Binance about its top 100 users and transaction history from the past six months. This news comes alongside the recent detention of two Binance executives, Tigran Gambaryan and Nadeem Anjarwalla, who were invited by the Nigerian government to discuss Binance operations and restrictions. The central bank of Nigeria has raised concerns about unregistered crypto exchanges leading to tax revenue losses and accused Binance of illegal operations and facilitating illicit flows. Binance has since halted its naira services in response to the regulatory scrutiny.

Crypto exchange Binance to stop accepting new users in UK

Economic Times

Economic Times · 1y ago

Crypto exchange Binance to stop accepting new users in UK

Cryptocurrency exchange Binance is halting new user registrations in the United Kingdom in compliance with new regulations on overseas digital asset firms. The Financial Conduct Authority (FCA) implemented rules restricting cryptoasset promotions on October 8th. Binance is working with the FCA to find an authorized firm to approve its financial promotions. This move comes amidst increased global focus on cryptocurrency regulation following several high-profile collapses in the industry.

Banned Binance & Kucoin Get FIU Nod To Operate In India

Inc42 · 1y ago

Banned Binance & Kucoin Get FIU Nod To Operate In India

Binance and Kucoin, two overseas cryptocurrency platforms, have received approval from the Financial Intelligence Unit (FIU) of India's finance ministry to operate as virtual asset service providers (VASPs). Earlier, these platforms were banned by the Indian government for not complying with laws and not registering with the FIU. Following the approval, Binance and Kucoin can now offer crypto trading services in India. The FIU is overseeing the trade in virtual digital assets and expects the platforms to comply with regulations and submit suspicious transaction reports.

EU privacy watchdogs urged to oppose Meta's paid ad-free service

Economic Times

Economic Times · 1y ago

EU privacy watchdogs urged to oppose Meta's paid ad-free service

A group of 28 organizations, including privacy activist Max Schrems' advocacy group NOYB and the Electronic Privacy Information Centre, have sent a joint letter to the European Data Protection Board (EDPB), urging them to oppose Meta Platforms' no-ads subscription service in Europe. They argue that the pay-for-privacy model sets a dangerous precedent that could be followed by other companies and undermine EU privacy standards. Meta defends their service by stating that it aims to comply with EU rules and give users a choice regarding data collection and targeted ads.

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