Binance is fully operational in India after registering with the Financial Intelligence Unit (FIU) and paying a penalty of ₹18.82 crore for non-compliance with local regulations. Indian users can now access Binance's services, including spot trading, futures, and derivatives trading, with enhanced security measures and compliance standards .
Key Regulations:
- 30% Flat Tax: Applies to all cryptocurrency gains
- 1% TDS: Automatic deduction on transactions above ₹10,000/₹50,000 thresholds
- No Loss Offsetting: Crypto losses cannot offset other income
- Mandatory Reporting: All gains must be declared in ITR
Binance's Compliance Measures:
- Enhanced KYC procedures for Indian users
- Real-time transaction monitoring for suspicious activities
- Regular reporting to regulatory authorities
- Anti-money laundering compliance at international levels
The Indian government is reviewing its cryptocurrency stance, considering global shifts and potential regulatory changes .
Would you like to know more about Binance's services in India or the latest updates on cryptocurrency regulations?
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