Binance, the world’s largest cryptocurrency exchange, has returned to India after a seven-month ban imposed due to non-compliance with anti-money laundering (AML) laws. Binance has now registered with India's Financial Intelligence Unit (FIU), allowing it to legally operate in the country again. To reenter the Indian market, the company paid a fine of approximately $2.25 million and committed to stringent AML and Counter-Terrorism Financing regulations.
This move marks Binance’s “19th global regulatory milestone” and is seen as an opportunity to bring new competition and innovation to the Indian crypto space. However, Binance faces an $86 million tax demand from Indian authorities, adding complexity to its comeback. Despite the challenges, its return could drive improvements in the regulatory framework for cryptocurrencies in India.
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