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Repair Windows errors before they cause bigger problemsFix Now →Fix the driver behind crashes, sound loss and screen glitchesFind Drivers →Binance’s Indian website and mobile apps became accessible again on August 15, 2024, after the exchange registered with India’s Financial Intelligence Unit (FIU-IND) as a reporting entity. The return followed a roughly seven-month restriction and a ₹18.82 crore penalty imposed under India’s anti-money-laundering framework. It did not amount to a blanket cryptocurrency licence, approval of every Binance product, guaranteed INR banking access or a tax exemption.
This is a historical regulatory re-entry, not a new 2026 reopening. Current product availability, payment rails and uninterrupted access must be checked separately.
What happened on August 15, 2024?
Binance announced that its India website and applications were live again after registering with FIU-IND. Contemporaneous coverage described the halt as lasting about seven months and called the registration Binance’s 19th global regulatory milestone. Moneycontrol reported the website and apps’ return, while The Economic Times described the registration and penalty preceding the restart.
The evidence establishes restored access to the site and apps. It does not establish that every account, trading product, payment method or withdrawal route returned in the same form.
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Why Indian authorities restricted Binance
India requires virtual-digital-asset service providers serving Indian customers to register with FIU-IND and follow obligations under the Prevention of Money Laundering Act (PMLA). On December 28, 2023, FIU-IND issued Binance a notice alleging that it had been serving Indian users without meeting those statutory requirements. The official FIU-IND Order No. 10/DIR/FIU-IND/2024 records the notice and the subsequent proceedings.
Authorities then restricted access to Binance and several other offshore exchanges. Reports differed on the number of affected platforms; the consistent point was that offshore services operating for Indian customers were expected to enter the domestic anti-money-laundering reporting framework.
The regulatory sequence
| Date | Event | What it means |
|---|---|---|
| December 28, 2023 | FIU-IND issued Binance a notice. | The authority alleged non-compliance with PMLA obligations. |
| Late December 2023 or January 2024 | Access to Binance and other offshore exchanges was restricted. | Reports describe websites and app access becoming unavailable or limited. |
| May 2024 | Binance was reported to have obtained FIU registration. | The administrative timing is attributed to contemporaneous reporting, including Bloomberg Law. |
| June 19, 2024 | FIU-IND imposed a ₹18.82 crore penalty. | The order required compliance with applicable anti-money-laundering and counter-terrorist-financing duties. |
| August 15, 2024 | Binance announced FIU registration and restored India access. | The website and apps became available again, subject to India-specific implementation. |
| January 1, 2026 onward | New crypto-asset reporting rules apply to relevant reporting providers and transactions within their scope. | See the Income Tax Department’s Rule 242 and Rule 243. |
What FIU registration means
FIU-IND is India’s financial-intelligence authority. A registered virtual-digital-asset provider is a reporting entity within the PMLA framework, not automatically a securities exchange or bank.
Registration brings compliance duties such as:
- identifying customers and performing KYC;
- maintaining customer and transaction records;
- monitoring activity for suspicious patterns;
- filing suspicious-transaction and other prescribed reports; and
- operating anti-money-laundering and counter-terrorist-financing controls.
The FIU order characterizes Binance as a virtual-digital-asset service provider and reporting entity. It does not say that every Binance product is approved by every Indian regulator.
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- Smart backup: Use your second Tangem Wallet as your Backup keys with end‑to‑end encryption; no more papers, pictures. If one card is lost, the remaining can still restore full access, with an optional seed phrase available for advanced users.
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What the ₹18.82 crore penalty did—and did not—do
FIU-IND’s June 19, 2024 order imposed a total penalty of ₹18,82,00,000 (₹18.82 crore). Contemporary reports converted that to about $2.25 million using the exchange rate at the time. The rupee amount is the authoritative figure in the order.
This was an FIU penalty for alleged PMLA-related non-compliance. It should not be conflated with possible tax, goods-and-services tax, foreign-exchange or overseas proceedings. Clearing the penalty did not by itself authorize every Binance service or guarantee permanent access.
What Indian users could expect after the restart
Users should treat the return of the interface as the start of a compliance-based service relationship, not proof that all features were restored.
Account access and KYC
- An existing account may require a fresh or updated identity check, source-of-funds information or wallet screening.
- Use only the verified Binance India domain and official app listing. Do not rely on an unofficial APK or a VPN workaround.
- Read the India-specific terms and confirm which entity provides the service.
Products and payment methods
Spot trading, futures, margin, peer-to-peer (P2P), staking, lending, earn products, corporate accounts and API access can each have separate restrictions. Website availability does not prove that any one of them is enabled.
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Likewise, the restart did not itself establish INR deposits, bank transfers or INR withdrawals. Check the payment method, limits, processing times and applicable fees immediately before moving funds.
Records
Download trade history, deposits, withdrawals, fees, transfers and any tax-withholding records. Keep copies outside the exchange because an account restriction or product change can make later retrieval difficult.
What FIU registration does not mean
- Not a blanket crypto-market licence: no separate securities, banking or derivatives licence is identified by the FIU registration announcement.
- Not government backing: registration does not provide deposit insurance, investor compensation or protection from losses, hacks, insolvency or account freezes.
- Not approval of every product: each service remains subject to its own legal, risk and platform restrictions.
- Not a tax exemption: Indian tax and reporting rules continue to apply to taxable activity.
- Not guaranteed banking access: an exchange’s regulatory status does not require Indian banks or payment partners to support every rail.
Taxes Indian Binance users still need to understand
30% tax on qualifying VDA transfer income
The Income Tax Department states that income from transfers of virtual digital assets (VDAs) is generally taxed at 30%, plus applicable surcharge and cess. The stated framework generally permits the cost of acquisition but does not treat other expenses and losses like ordinary investment deductions. The department’s explanation is at Taxation of Virtual Digital Asset (VDA).
This is not a claim that every kind of crypto receipt or activity is taxed identically; classification and the relevant statutory provision matter.
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- Products quantity: you will receive a 2-in-1 set of steel bitcoin wallets with matching lock screws, and 1 piece of metal plate marking pen, which is a matching set to help you protect your codes, passwords, and further importantly, your cryptocurrency
- Functions: with these steel crypto wallets you can record information such as fieldworks passphrase in tandem with the BIP39 word list, and they are also compatible with 12 or 24-word seed in most languages, suitable to store your private cryptocurrency information or for many instances where you may need a private cold storage system
- Suitable size: the cold wallet backups are compatible with BIP39 wallets, can work with most hardware wallets, supports up to 24 mnemonics seed phrases, convenient for you to use in coordination with other crypto seed storage devices and wallets
- Multiple ways of locking: you can use the matching screws to lock up the steel bitcoin wallets; You can also lock them up and hide them in other places if you still feel unsafe; The hole on the bitcoin wallet measures 6 mm/ 0.24 inch in diameter, suitable for hanging
1% TDS is withholding, not the final bill
Section 194S generally provides for 1% tax deducted at source on consideration for transferring a VDA to a resident, subject to statutory thresholds and procedural rules. The Income Tax Department identifies a ₹10,000 or ₹50,000 threshold depending on the payer category and circumstances. See its Section 194S guidance.
TDS can reduce the cash available for reinvestment, but it is a withholding mechanism rather than a complete calculation of the year’s tax liability. Reconcile exchange statements, TDS certificates and your tax return.
Reporting developments from 2026
Rules applying from calendar years beginning January 1, 2026 contemplate reporting by relevant crypto-asset service providers, including user identity, tax residence, tax identification details and certain transfers to wallet addresses not known to be associated with a virtual-asset service provider or financial institution. The rules’ scope and a provider’s implementation must be checked before assuming that every field is reported for every Binance user.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How to evaluate Binance before depositing funds
| Question | What to verify |
|---|---|
| Regulatory status | FIU registration, the legal entity serving India and whether the particular service is permitted. |
| INR support | Deposit and withdrawal rails, limits, settlement time and payment-partner terms. |
| Tax records | Exportable fills, cost basis, fees, transfers and any TDS documentation. |
| Products | Spot versus derivatives, leverage limits, P2P, earn, staking and lending availability. |
| Costs and liquidity | Maker/taker fees, spreads, withdrawal charges, limits and whether a promotion is temporary. |
| Custody and privacy | Withdrawal controls, identity requirements, source-of-funds checks, wallet screening and data-sharing terms. |
Risks that remain after the restart
P2P transactions
P2P can expose users to counterparty fraud, payment reversals, bank scrutiny, source-of-funds disputes and a difficult evidence trail. An exchange’s FIU registration does not make every counterparty safe.
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Custody and operational risk
Assets held on an exchange are not self-custodied. Registration does not remove insolvency, cyberattack, technical outage, account-freeze or withdrawal-control risk. Understand the withdrawal process and keep independent records.
Future enforcement
Registration addressed the AML-registration issue behind the 2023–24 restriction; it did not end Binance’s ongoing compliance duties. Authorities could still act if they considered controls inadequate or if another legal obligation was breached.
Practical checklist for an Indian user
- Open the verified India-facing site or official app, not an unofficial download.
- Complete any KYC refresh and read the India-specific product disclosures.
- Check the exact availability of spot, derivatives, P2P, earn and withdrawals before transferring assets.
- Confirm INR payment instructions, limits and fees with the current provider.
- Download complete transaction and tax records after each reporting period.
- Reconcile any 1% TDS with your tax documents; do not treat it as the final tax calculation.
- Keep only an amount whose temporary loss of access or withdrawal you can withstand.
Bottom line
Binance’s August 15, 2024 return was a regulatory re-entry after FIU-IND registration and an ₹18.82 crore PMLA-related penalty. It restored access to the website and apps, but it was not comprehensive government approval of cryptocurrency trading, every Binance product or every INR banking service. Indian users still need product-specific checks, careful records, and separate compliance with VDA tax and reporting rules.
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