Cryptocurrency

India's relationship with cryptocurrency has been a rollercoaster ride, marked by uncertainty, regulation, and, ultimately, a growing interest in the space. While the government has taken a cautious approach, the demand for crypto services, especially exchanges, continues to rise. This blog delves into the world of cryptocurrency exchanges in India, exploring their role, the current regulatory landscape, and what the future holds for this burgeoning sector. We'll also take a deeper dive into the taxation rules surrounding cryptocurrency in India. The Rise of Indian Crypto Exchanges: Crypto exchanges act as platforms where users can buy, sell, and trade cryptocurrencies. They provide a secure environment for transactions, offering various features like: Trading Pairs: Exchanges of...

The Canadian Financial Transactions and Reports Analysis Centre (FINTRAC) has fined Binance $6 million for violating anti-money laundering (AML) regulations. This is the largest penalty ever imposed by FINTRAC for AML violations. FINTRAC's investigation found that Binance: Failed to register with FINTRAC as a money services business (MSB) Failed to implement a compliance program to prevent money laundering Failed to report suspicious transactions Binance has agreed to pay the fine and to take steps to improve its compliance with AML regulations. Here are some additional details about the case: The investigation was launched in 2021. Binance was fined $3 million for each of the three violations. Binance has 30 days to appeal the fine. This case is likely to hav...

Crypto in India: Exchanges, Regulations, Taxation and the Road Ahead

Binance Hit with $6 Million Fine in Canada for AML Violations