Binance Review: Is Binance Legal In India or Not?

Do you know the old name of Binance? A crypto platform that came into existence in July 2017. Another query that will come to your mind is Is Binance Legal in India? So in this article, we will discuss why Binance got banned and what's the current state of Binance in India.

About Binance

A crypto trading platform where users can buy digital assets and can trade in high volumes. It has the world’s largest blockchain ecosystem. It has a presence in more than 180+ countries. In terms of numbers, it has the largest customer base of 250M+ users.

The fun fact about Binance is that it became famous within 165 days of its launch. It charges the lowest fees among all the crypto platforms.

Why Binance Banned in India?

On 12 Jan 2024, Binance got a direct and instant ban from the Ministry of Electronics and Information Technology. The reason includes not following the anti-money laundering laws. Also includes other crypto trading platforms i.e. Bitstamp , Kucoin , Huobi , MEXC Global , Kraken , Gate.io , Bitfinex and Bittrex.

The agency that is responsible for handling money laundering matters is FIU. The full form of FIU is the Financial Intelligence Unit that prevents money laundering fraud. So it becomes necessary for every crypto trading platform to register in FIU. Because FIU shares receives or analyses suspicious information.

Is Binance Legal In India?

Yes, Binance is now legal in India. Got permission after paying a penalty of 188.2 million rupees. The URL was accessible in India on July 30, 2024. And on 15 August it was available on both the Android Play Store and IOS Play Store. After the ban got registered into FIU. And now operates in India safely. After its comeback, Binance has to pay $86 million in the form of tax.

Also, Check - CoinDCX Review – Is CoinDCX legal in India

Binance Alternatives

Now Binance is working well in India. But still, if you are not sure whether to go with it or not then you can have other options as well.

CoinSwitch

An Indian crypto trading platform for spot and futures trading. It has one of the advanced automated testing, recovery programs, and systematic investment plans. The commission charges are also less. Provide multiple crypto exchanges. The trading fee is also less.

CoinDCX

Allow the user to invest in crypto simply. A compliant and safer option for the crypto user. ChatSupport is available 24/7. It is the best app for beginners. The user interface is easy to use. Also, support the web3 startups.

Coinbase

Most reliable crypto platform. In more than 100+ companies coinbase is available. Users can invest, spend, and earn using crypto. Their mission is to connect people with crypto assets and allow them to invest safely. And to benefit them with crypto.

Conclusion

In conclusion, the app is working well in India. Users can easily create their accounts and trade in crypto. Binance allows its users to invest in different types of cryptocurrencies. But for the profit made the users have to pay the 30% tax in Crypto. So this is all about Binance Legal in India? Fun fact the old name of Binance is: Binance Coin.