- Binance registered with FIU-IND, resuming operations in India.
- Website and mobile app are once again accessible to Indian users.
- Binance emphasizes its commitment to AML standards.
- CEO Richard Teng highlights the significance of this milestone for the company.
- Binance had to pay a penalty of $2.25 million to resume its operations.
The cryptocurrency exchange Binance has successfully registered with the Financial Intelligence Unit of India (FIU-IND), marking a significant milestone in its efforts to comply with local regulations and resume operations in the Indian market.
Key Advancements: Registration and Compliance
Binance’s recent registration with FIU-IND underscores its dedication to adhering to Anti-Money Laundering (AML) standards. This compliance aims to foster a safe, transparent, and efficient ecosystem for digital assets. The company’s website and mobile application are now accessible to Indian users, allowing them to utilize a full range of services and trading tools offered by the platform.
Implications for the Indian Market
According to Binance, this registration is a crucial step in recognizing the potential and viability of the Indian market. The company intends to adapt its services to meet the needs of Indian users, contributing to the global evolution of digital assets while raising local market standards. CEO Richard Teng highlighted that the registration represents a significant milestone in Binance’s history, emphasizing their commitment to responsible growth in India.
Historical Context and Penalties
In January 2024, Indian regulators halted operations of several crypto exchanges, including Binance, accusing them of illegal activities without proper licensing. In June, FIU-IND imposed a penalty of 188.2 million Indian rupees (approximately $2.25 million) on Binance. The company confirmed the payment of this penalty and received official permission to operate in the country once again.
Earlier, Binance faced a $4.4 million fine from Canadian regulators for regulatory breaches. Despite appealing the decision, Binance eventually exited the Canadian market.
With its renewed presence in India, Binance aims to bolster the country’s digital asset market, ensuring compliance and providing robust services to its users.
