Cyril Amarchand Mangaldas | View firm profile
Cyril Amarchand Mangaldas (CAM) advises Binance Holdings Limited, the largest global crypto assets exchange, in its strategic entry and resumption of operations in India. Our firm provided comprehensive counsel on navigating through complex regulatory compliance, involving multiple legal, tax and compliance challenges, including: (i) registration as a virtual digital asset service provider (VDASP) and resumption of its operations in India by liaising with the Financial Intelligence Unit – India (FIU-IND); (ii) withdrawal of the prohibitory App ‘take-down’ orders imposed by the Ministry of Electronics and Information Technology (MEITY) in December 2023; (iii) unblocking of its application on Google Play / Apple App stores and its website; (iv) assisting Binance on its proceedings before the Directorate General of GST Intelligence (DGGI); and (v) deploying a comprehensive stakeholder engagement plan for establishing Binance’s operations in India, ensuring alignment with regulatory authorities and market stakeholders.
The Financial Services Regulatory Practice (FSRP) & Tax team of Cyril Amarchand Mangaldas advised on the matter. The transaction was led by Anu Tiwari, Partner& Head – Fintech and FSRP; Pallavi Rao, Partner; and Gauhar Mirza, Partner; with support from Hiral Gupta, Principal Associate; Aditya Sarkar, Associate; Sanya Rizvi, Associate; and Abhyuday Jaiswal, Associate.
The tax team was led by Kunal Savani, Partner; with support from Bipluv Jhingan, Principal Associate; Shivam Garg, Principal Associate; and Lakshya Gupta, Associate.
Arjun Goswami, Director, Public Policy; & Praveen Singh, Senior Associate advised on public policy aspects.