Binance and nine other exchanges were sent show cause notice by the Indian government some months ago.Earlier this year, the exchange was removed from the Apple Store in India.Unmute

The Sandbox Wants to Make India Its Largest Market Within the Next Two Years

07:47How Upcoming Elections Around the World Could Impact the Crypto Industry07:47How Upcoming Elections Around the World Could Impact the Crypto Industry00:51What India's Controversial Crypto Tax Means for Investors11:40India Won't See Crypto or Web3 Bill for Another 18 Months, Senior Lawmaker Says

Binance, the cryptocurrency exchange that was removed from India some months ago, is looking to re-enter India by paying a $2 million fine, the Economic Times reported on Thursday.

Earlier this year, Binance and some other exchanges were removed from the Apple Store in India after India’s Financial Intelligence Unit (FIU) sent them compliance show cause notices.

OKX, KuCoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global and Bitfinex were the other firms that were sent notices at the time.

After paying the fine, Binance will return to the country as an FIU-registered firm, the ET report added, citing people aware of the developments.

It is “unfortunate that it took (Binance) more than two years to realize there is no room for negotiations, and (that) no global powerhouse can command special treatment, especially at the cost of exposing the country’s financial system to vulnerabilities,” the report said, citing a source.

Binance was not immediately available for comment.

Edited by Parikshit Mishra.