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The Indian Government has reportedly refused to allow Binance resume its operations in the country. The government has demanded Binance ensure compliance with the Prevention of Money Laundering Act (PMLA) before it can restart its operations.
PMLA compliance is a critical requirement for businesses in India and involves strict procedures to prevent illegal activities such as money laundering and terrorist financing. This includes identity verification, monitoring of transactions, and reporting of suspicious activities.
Binance, one of the world’s biggest cryptocurrency