These days it seems like Binance is having a tough time in some of the countries. We know that Binance is a leading centralized exchange having a global presence. Binance has been doing well and their native token BNB has also done pretty well. If count the top 5 exchanges then for sure we cant leave Binance out of it and this is something that proves that its leading and growing exchnages.
Recently Binance had gone throuhg legal issues in the European market and they have decided to close their derivative. Now in India it looks like things are to going to create some problems for them. I hope if the exchnage has been following strict norms with KYC and legal things then this should not be a problem at all. Wazirx has also got a similar type of notice before and then this news was gone which means exchange dealt it well that did not create any more noise. There is no news that notice given to wazirx has got a green signal by ED and there could be a possibility that its going on and connect dots with Binance as well.
India’s anti-money laundering agency is examining if Binance Holdings Ltd. had a role to play in an ongoing investigation involving betting apps, according to people with knowledge of the matter.
Wazirx is acquired by Binance and India's ED is focusing more to see if there is any connection with AML law and the crypto exchanges. There are some Chinese betting apps that are not following ani money laundering laws and doing some illegal activities that are why ED is checking all the possibilities if there is any connection with these crypto exchnages. Its always expected from leading exchnages to ensure the proper documentation and abide by the legal process so that whenever there is something wrong done by their users, they can provide the information to relevant authorities.
Let's wait and watch to see how Binance deal with the problem and response they share with ED to satisfy them with their answers and documentation. Crypto is not regulated in India so if anything goes wrong then possibly there would be more issues in terms of regulation and I hope that all goes well.
Thank you so much