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Binance formally re-enters $300 billion Indian market by registering with regulator
Months of back-and-forth with Indian authorities ended with Binance receiving formal registration from the Financial Intelligence Unit.
Following KuCoin's acceptance, Binance becomes the second offshore cryptocurrency exchange to be sanctioned by the anti-money laundering agency.
This week, the value of BNB was eroded by 1%.
According to a report by the local news site Moneycontrol, crypto exchange Binance has returned to the Indian crypto market after its formal registration from India's financial intelligence agency. Friday, a statement on the first registration of the exchange was given by the head of the Financial Intelligence Unit (FIU).
Binance may soon begin supporting cryptocurrency traders in India.
For breaking Indian anti-money-laundering regulations, the Federal Investigations Unit (FIU) banned Binance, KuCoin, and seven other international cryptocurrency exchanges. The cryptocurrency exchanges' mobile apps were deleted from the Indian versions of Google Play and Apple's App Store in accordance with the agency's directive.
Binance is reportedly preparing to resume operations in India after the exchange's formal registration with the FIU, according to a local news site Moneycontrol. After paying a fine of INR 3.45 million ($41,303), KuCoin is completely registered and active, according to the agency's director Vivek Aggarwal, who spoke at a training organised by the Bharat Web3 Association in New Delhi.
According to Aggarwal, the penalty has not been determined and Binance has not resumed operations. The exchange has finished the first step of registering with the FIU, and now they are discussing potential penalties and compliance procedures.
Chainalysis ranked the Indian crypto market as the world's second biggest in its 2023 worldwide study on crypto. According to the research, between July 2022 and June 2023, India acquired $300 billion worth of cryptocurrency.
