According to sources familiar with the matter, Binance plans to re-enter the Indian market by paying a $2 million fine.
The move comes after the Indian government blocked several crypto websites in January for non-compliance with local regulations.
Binance intends to register with India's Financial Intelligence Unit and comply with all applicable laws, including those related to money laundering and taxation.
Subscribe to our Telegram channel to get weekly short digests about events that shape the crypto world
The platform has stated it is committed to following regulatory guidelines and is engaging in discussions with regulators around the world to ensure that its services remain available.