Binance is the world's biggest crypto exchange by volume. It was blocked in India in January 2024, paid an ₹18.82 crore penalty, registered with FIU-IND and returned. Here is what using it from India means in practice.
Legal to use and unbeatable on liquidity and coin choice, but it is not an Indian app: rupees go in and out only through peer-to-peer trades, and you carry more of the tax and banking risk yourself. Most Indians are better off buying on a domestic exchange.
| Best for | Experienced traders who need global liquidity and altcoins |
|---|---|
| Founded / HQ | 2017 · global (no single HQ) |
| FIU-IND registered | Yes, registered with FIU-IND in 2024 after an ₹18.82 crore penalty |
| INR deposits | P2P only, you pay another user by UPI or bank; no direct deposit |
| Spot trading fee | 0.10% maker / 0.10% taker on spot; 0.075% if you pay fees in BNB |
| Futures | Listed; check eligibility for Indian accounts in the app |
| SIP / recurring | Yes, Auto-Invest (recurring buys) |
| Coins listed | 350+ |
| 1% TDS deducted | Sources conflict, keep full records and reconcile TDS and tax yourself |
| Security record | No India-specific hack. Offshore company: disputes are not handled under Indian law. |
| Official website | www.binance.com |
Yes, today. In December 2023 FIU-IND issued notices to nine offshore exchanges, Binance among them, for serving Indians without registering, and their websites were blocked in January 2024. Binance registered with FIU-IND in May 2024 and paid an ₹18.82 crore penalty (order dated 19 June 2024), then resumed service. Crypto remains legal to hold; it is the platform's registration that matters.
Binance does not accept INR bank deposits directly. Instead you use its P2P marketplace: you pay another user by UPI or bank transfer and they release USDT to you from escrow. It works, but you are dealing with a stranger's bank account. If that money turns out to be proceeds of fraud, police can freeze your bank account. Trade only with high-completion verified merchants, keep records, and never trade off-platform.
Spot trading costs 0.10% for makers and takers, or 0.075% when you pay fees in BNB, cheaper than most Indian apps at low volume. Binance also offers Auto-Invest (recurring buys), Earn products and a vast list of altcoins. Check what is available to Indian accounts in the app, as product access varies by country.
Indian tax rules apply regardless of where you trade: 30% on profits and a 1% TDS on transfers. Reports conflict on whether Binance deducts TDS on every type of trade, and on P2P trades the Indian buyer is responsible for deducting it. The Income Tax Department has sent notices to Indian traders using offshore exchanges. Keep complete records and speak to a CA, see crypto tax in India.
Experienced traders who need altcoins or liquidity that Indian exchanges lack, and who are comfortable with P2P and doing their own tax paperwork. For buying Bitcoin or Ethereum with rupees, an Indian app like CoinDCX or CoinSwitch is simpler and keeps TDS automatic.
No. Binance was blocked in January 2024 for operating without FIU-IND registration, then registered in 2024, paid an ₹18.82 crore penalty and resumed service.
Only through Binance P2P, where you pay another user by UPI or bank transfer in exchange for USDT. There is no direct INR bank deposit.
Reports conflict. Whatever the exchange does, you remain responsible for paying tax on profits and, on P2P purchases, the buyer is responsible for TDS. Keep records and consult a CA.
For buying with rupees and simple tax handling, an Indian FIU-registered exchange is easier. Binance suits experienced traders who need global liquidity or specific altcoins.
