Binance, the world's leading virtual digital asset (VDA) infrastructure provider, announced that it has registered as a reporting entity with the Financial Intelligence Unit of India (FIU-IND), symbolizing Binance's 19th global regulatory milestone.
This registration with India’s Financial Intelligence Unit demonstrates Binance’s commitment to complying with Indian and global anti-money laundering (AML) standards.
In this regard, Binance CEO Richard Teng said:
Our registration with India’s Financial Intelligence Unit marks an important milestone in Binance’s journey. We realize the vitality and potential of India's virtual digital market. This cooperation with Indian regulators allows us to provide customized services to Indian users. We are proud to open our leading platform to this booming market and support the continued growth of India's virtual digital market.
According to the Chainalysis Global Cryptocurrency Adoption Index 2023, the Indian masses lead the world in cryptocurrency adoption. The country ranks in the top five by estimated trading volume on centralized and decentralized exchanges, lending protocols and token smart contracts, highlighting the dynamism and huge potential of the Indian market, as well as its strategic importance in the future of finance .
In line with global standards, Binance brings its world-class compliance program, including robust anti-money laundering (AML) policies and controls, as well as a comprehensive combating the financing of terrorism (CFT) framework. Binance hopes that implementing these industry-leading frameworks in the Indian market will meaningfully contribute to the local market and raise market standards for all cryptocurrency exchanges. This is not only beneficial to India’s virtual digital industry, but more importantly, it ensures stronger user protection.
In addition to stringent AML and CFT controls, key components of Binance’s compliance program include strong identity verification (know your customer, or KYC) processes, as well as an industry-leading Financial Crimes Compliance (FCC) unit, The purpose is to assist law enforcement agencies in investigating crimes and capacity building related to virtual digital markets, and to strengthen the collective security of the ecosystem.
Richard Teng added:
Our commitment to strict regulation forms an important part of Binance’s business strategy, which is about creating an environment that is safe, transparent, and efficient.
With this registration completed, the Binance website and app are now fully available to Indian users, providing them with Binance’s full suite of services and tools to suit their needs.
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