Several months after being banned in India, Binance, a major cryptocurrency exchange, is eyeing a comeback by agreeing to a $2 million penalty, as per a report by the Economic Times.

Previous Ban

Earlier, Binance and other exchanges faced removal from the Apple Store in India following compliance notices from India’s Financial Intelligence Unit (FIU).

Other Affected Exchanges

Alongside Binance, exchanges like OKX, KuCoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex received similar notices.

Re-entry Strategy

Binance aims to re-enter the Indian market as a registered entity with the FIU after paying the fine, according to sources cited in the ET report.

Delayed Realization

The report criticizes Binance for taking over two years to acknowledge the necessity of compliance and underscores the absence of preferential treatment for global entities in matters affecting a country’s financial system.

Lack of Comments

Binance did not respond to earlier inquiries from CoinDesk, while the FIU remained unavailable for immediate comment.

Binance’s move to pay the fine and adhere to regulations signals its commitment to re-establishing a presence in India’s cryptocurrency market.