tl;dr
The Binance website is now fully accessible to Indian users after facing regulatory issues and paying a substantial fine for non-compliance with Indian regulations. Binance's compliance with regulatory demands and payment of the fine has led to the restoration of its services in India, potentially s...
Binance's URL has been unblocked in India, allowing Indian users full access to the website. This comes after Binance faced regulatory issues and paid a substantial fine for non-compliance with Indian regulations.
The Indian government has also issued a hefty tax bill to Binance, demanding a payment of $86,033,159 in Goods and Services Tax for alleged non-registration under India's GST framework.
Earlier, Binance had paid a fine of over $2.25 million for non-compliance with India's anti-money laundering regulations. The exchange's restoration in India follows its compliance with regulatory demands and payment of the fine, potentially setting a precedent for other crypto exchanges to follow suit and comply with local regulations.
Furthermore, the unblocking of Binance's URL in India follows its registration with the Financial Intelligence Unit and reflects the increasing importance of regulatory compliance in the global crypto market.
The Indian government's efforts to bring cryptocurrency operations under its tax regulations are evident, and the impact of this restoration on the local crypto trading scene remains to be seen, marking a significant milestone for Binance's Indian user base.
The Indian government's action reflects ongoing efforts to regulate cryptocurrency operations within the country and collect taxes from cryptocurrency exchanges operating in India.
More about Emeren Group Ltd
Emeren Group Ltd is a company that develops, builds, operates, and sells solar energy projects. The company is headquartered in Stamford, Connecticut.
Sector: MANUFACTURING
Industry: SEMICONDUCTORS & RELATED DEVICES
Market Cap: 77345000
Dividend Yield: None
EPS: -0.68
PE Ratio: 1.918
Profit Margin: -0.127
Revenue: 106582000
Price to Book: 4.38
Price to Sales: 3.42
ROE: 0.148