The development is part of Binance's ongoing efforts to operate within a regulated environment.
Key Takeaways
- Binance has officially registered as a reporting entity with India's financial regulators.
- The exchange has resumed services in the market in compliance with local regulations.
Binance has officially resumed services in India after registering as a reporting entity with India’s Financial Intelligence Unit (FIU-IND), said the company in a Thursday blog announcement. The development marks Binance’s 19th global regulatory milestone.
Before this registration, the world’s leading crypto exchange was penalized by the FIU-IND for failing to comply with statutory obligations. In June, the FIU fined Binance $2.25 million for not adhering to the Prevention of Money Laundering Act’s requirements, including record-keeping and reporting suspicious activities.
With the registration, Binance’s website and app are now accessible to Indian users, offering a full range of services. The firm said the move highlights Binance’s strategic focus on expanding its presence in key markets and complying with local regulations.
“Our registration with the FIU-IND marks an important milestone in Binance’s journey,” said Richard Teng, CEO of Binance.
“Recognizing the vitality and potential of the Indian VDA market, this alignment with Indian regulations allows us to tailor our services for Indian users. It is a privilege to extend the reach of our cutting-edge platform to this thriving market, supporting India’s continued VDA evolution,” he noted.
Binance will implement its robust anti-money laundering (AML), combating the financing of terrorism (CFT), and know-your-customer (KYC) procedures in India to safeguard users and elevate industry standards.