The majority of Indian crypto traders are waiting to see the Binance Android app on the Google PlayStore.
Binance is a top-ranked crypto trading platform that is mainly known for its highly secured crypto trading services & user-friendly interface. In the last 5 months, this crypto exchange faced significant regulatory heat in the Indian jurisdiction. In Jan of this year, Indian government agencies imposed a ban on multiple offshore crypto exchanges e.g. Binance, KuCoin, Huobi, Gate.io, OKX, Bitstamp, Kraken, etc, over not following all the AML measures.
A week ago, Binance secured regulatory approval from the Financial Intelligence Unit (FIU) of the Finance Ministry to operate as a virtual asset service provider (VASP) in India. According to a report, Binance has returned to the Indian crypto scene after paying a $2 million fine.
Many Indian crypto traders noted that Binance was already in a constructive talk with the Indian financial regulators a month ago and also settled the case but still failed to relaunch the Binance app on the Google PlayStore.
Currently, all the Indian Binance customers are allowed to use the platform but there is no change in the trading interface i.e. no 1% TDS system.
Some Indian crypto people predicted that the Binance team would work on a new user interface so that Binance could comply with the provisional Indian crypto rules & laws.
KuCoin crypto exchange
A month ago, the KuCoin crypto exchange secured successful FIU registration in India and also relaunched its crypto app in compliance with AML measures, including a 1% TDS system.
India, Crypto, & TDS
In India, no crypto-dedicated law defines any set of rules for the crypto companies to operate services. In early 2022, the finance ministry of India introduced a 30% crypto tax against profit generated on each crypto transaction and also introduced a 1% TDS rule.
In the past, prominent Indian crypto leaders showed their disappointment with the 1% TDS rule & suggested the government change it to 0.1% or 0.01%.
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