Binance, the cryptocurrency exchange, is thinking about coming back to India’s market despite being banned there in late 2023. The return might mean paying a penalty of around $2 million, as per a report from the Economic Times on Thursday.

However, for Binance to re-enter, it would need to register with the finance ministry’s Financial Intelligence Unit (FIU), which oversees virtual asset trading. A source shared that Binance plans to follow all relevant laws, including the Prevention of Money Laundering Act (PMLA) and crypto tax regulations, which it previously ignored.

As of now, Binance hasn’t responded to requests for comment from Cryptonews, and the exact amount of the $2 million penalty is still unclear.