Key Takeaways
- Binance Reenters India: After a seven-month ban, Binance returns to the Indian market by registering with FIU-IND for legal compliance.
- 19th Regulatory Milestone: The registration with FIU-IND marks Binance’s 19th global regulatory milestone, highlighting its commitment to adhering to local regulations.
- India as a Key Market: India is a significant market for Binance, ranking in the top five globally by transaction volume.
YEREVAN (CoinChapter.com) — Binance, a major cryptocurrency exchange, is back in the Indian market after a seven-month ban. On August 15, Binance’s website and apps became available again on the Google Play Store and Apple App Store in India. This follows Binance’s registration as a reporting entity with India’s Financial Intelligence Unit (FIU-IND), a necessary step for crypto exchanges to operate legally in the country.
The registration with FIU-IND is Binance’s “19th global regulatory milestone.” This move reflects Binance’s effort to comply with regulations in the countries where it operates.
Binance Faces $2.25M Fine Amid India Ban, Returns After Compliance
In January, India’s Financial Intelligence Unit blocked Binance’s URLs and mobile applications. The ban affected Binance and eight other crypto exchanges. These exchanges had not registered as reporting entities with FIU-IND, which monitors financial crimes like money laundering.
Reports in April suggested that Binance might pay a $2.25 million fine for its noncompliance. Although Binance has now registered with Indian authorities, it has not confirmed whether it paid the fine.
Binance Reenters India with Focus on Compliance and User Security
Binance’s return to India focuses on compliance. Binance CEO Richard Teng said,
“Recognizing the vitality and potential of the Indian virtual digital asset market, this alignment with Indian regulations allows us to tailor our services for Indian users.”
By registering with FIU-IND, Binance commits to implementing Anti-Money Laundering (AML) policies and a framework for combating the financing of terrorism (CFT) in India.
Binance Targets India as Key Market After Securing Dubai License
India is a significant market for Binance, ranking among the top five by estimated transaction volume across all crypto ecosystems. Binance’s return to India shows the country’s importance in the global crypto market.
Before reentering India, Binance secured a virtual asset service provider (VASP) license in Dubai. This expansion into regulated markets reflects Binance’s efforts to comply with local laws.
