Hello and Namaste Everyone
A lot is going on in the Indian Crypto market and recently the news is about the penalty imposed by FIu on the Binance exchange. This is a bigger exchange in the market and this is why this amount might not be big for them but if we convert this money into the Indian currency then you can see that it is certainly a big amount. These days the government body's financial intelligence unit allows these exchanges to come back into the Indian market only after paying the penalty. This penalty is for not following the same norms and this is what has caused these exchanges to pay some penalty but after that, they will be able to operate in the market. I mean to say they will be registered in India and be able to serve Indian users according to the Crypto regulation applicable in India.
expect this exchange to returnBinance is a big exchange and it has a bigger trading volume also. This is why most of the users trading in the market are expecting this exchange to come back so that they can trade well and things will be easy and better for them. Although after coming back the exchange will be following the taxation as well as whatever rules are implemented on Indian exchanges. The exchange will also start deducting the TDS which is 1% and hopefully, this will not create problems for the users. As of now, these are the rules applicable in exchanges in India but in future, some reasons are expected to happen.
I have used Binance and I know that it is easy to use exchange. I'm not able to use it now because the URL is blocked and I have not used its mobile application so there is no way I can use it however I think there is a way with VPN which I don't want to use. I avoid following the shortcuts and just follow the legit way and this is why the day when the urls are blocked for the exchange then I did not try accessing it. This is because it's not worth it since I don't want to face any problems and since I'm not a trader so there is hardly anything that impacts my activity on the blockchain. I don't trade and I just invest sometimes so this block did not create any problem for me.
It looks like in the next few months or maybe before we can get the exchange back in the market and we users will be able to use it like before. Certainly, there will be some changes to the tax rules but that is fine because it is an obligation that we all need to meet provided we are earning some income in the market and because I'm not a trader I don't sell anything. In this case, there is nothing on me because I just used the exchange for checking the prices and sometimes swapping one crypto to another but its been a long time and I did however I am happy that it is coming back and it is going to help the Indian market.
Thank you so much
Stay Safe
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