Binance, the cryptocurrency exchange that was evicted from India a few months ago, is considering paying a $2 million penalty as it plans to re-enter India. The move comes as part of Binance’s efforts to restart its operations in India, the Economic Times reported on Thursday.

Earlier this year, Binance and several other cryptocurrency exchanges were removed from the Apple Store in India after receiving show-cause notices by India’s Financial Intelligence Unit (FIU). These notices were made to warn businesses that did not comply with India’s cryptocurrency regulations and to ensure that they operated in compliance with the law.

In addition to Binance, some other exchanges such as OKX, KuCoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global and Bitfinex also received similar notices during the same period. These notices were made to determine whether cryptocurrency exchanges comply with regulatory standards in India.

However, such regulatory pressures faced by cryptocurrency exchanges in India have not stopped Binance’s efforts to re-enter. According to a report by the Economic Times, Binance agreed to pay a penalty of $2 million to comply with existing regulations and re-operate in India.

The report stated that after paying the penalty, Binance will return as an FIU registered firm in the country and this step is part of the process of restarting the company’s operations in India. Binance’s relaunch in India could be a significant development in the cryptocurrency industry and could impact the future of the cryptocurrency market in India.

However, some sources criticize this situation. Citing a source, the report stated that “Binance must understand that there is no room for negotiation for more than two years and that no global power can demand special treatment, especially at the cost of weakening the country’s financial system.”

Despite such criticisms, Binance’s efforts to restart its operations in India can be considered a significant development in the cryptocurrency industry. The re-entry could present an opportunity for Binance to re-establish its market presence in India and introduce its globally expanding services to the Indian market.

Although a clear date for Binance’s return to operations in India has not yet been determined, it is important to follow this development closely. As India has a changing landscape regarding cryptocurrency regulations, Binance’s re-entry could have a significant impact on the country’s future in the cryptocurrency sector.