Hey guys lucky ali this side and this update is very important for the crypto community, especially Indian crypto users. $2.25 million is not a small amount and India fined this amount to Binance exchange. According to FIU (Financial Intelligence Unit), Binance is not following the rules of anti-money laundering policy. The finance unit of India allowed Binance to run services if it followed all the guidelines but now you can see what is happening.
FIU has imposed a fine on Binance
This action was taken due to non-compliance with PMLA and FIU guidelines. everyone especially crypto users expected that Binance exchange would resume its business in India country by assuring compliance with regulatory rules after paying this fine.
This year binace and other 8 exchanges got banned in India because these exchanges were not following the guidelines however recently binance applied for approval in India and they were ready to follow all the guidelines. There are several changes that Binance needs if they want to run the exchange in India.
The first loss for the Indian Binance users is paying the TDS and I know no one wants to pay 1% tds per trade otherwise you can't do a trade because of this harsh rule alos the tax is higher and it 30% which you know very well. Nirmala Shitaraman is the dumbest finance minister I have ever seen and also the BJP government is dumb because recently The Finance Ministry was given back to her which is a shocking thing.
Nirmala Sitharaman again as a finance minister
This finance minister lacks knowledge and technology and also she is a crypto hater. She makes decisions without understanding the technology and the future of crypto and blockchain. You can see the recent viral video of her in which she said crypto is a threat to people.
Actually, it is not a threat to the people but it is obviously a threat to centralization and this is why this government doesn't like this. There are many things that are dangerous for humans but still government allows that but not crypto. this is called double standard.
Anyway, if you are an Indian user and do not want to pay higher taxes then it is okay, just hold your assets and do not sell, this way you do not need to pay any tax. Avoid withdrawals for now. I am not a BJP hater but I hate those who are against crypto do not understand crypto properly make bad statements and apply harsh rules.
We should criticize our governemnt for bad moves. Anyway, I hope you liked this information please stay tuned for further updates regarding crypto and I will let you know if I get some updates regarding this issue. Share and do comments below. It is time to say good bye have a good day.
Lucky Ali
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 | Hi I am lucky ali from gujarat, india. I am a crypto enthusiast, blogger, and SEO developer. I am always interested in learning new things and getting new experiences. You can find me on hive, twitter and discord (Lucky Ali#6343). Sharing is caring, Thank you hive family ♥ |
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