India grants cryptocurrency exchange #Binance legal status, and it registers with the financial intelligence unit

Binance, has formally registered with the Financial Intelligence Unit (FIU-IND) of India. This registration is important because it enables Binance to abide by local laws, particularly those pertaining to anti-money laundering (AML), and conduct business lawfully in India.

Binance was among the international cryptocurrency exchanges that faced stiff penalties from India's Financial Intelligence Unit at the end of last year for operating in the country illegally. These platforms were charged with failing to adhere to India's anti-money laundering (AML) laws. Consequently, the FIU had requested that the Indian government impede access to the websites of these exchanges.

Binance is now fully operational in India thanks to this new registration. All of Binance's services, including its website and app, are available to Indian customers.
In addition to growing its service portfolio, Binance is also committed to ensuring its users' safety and security. Strong mechanisms are in place at the company to confirm users' identities and stop illicit activity, such as financing of terrorism and money laundering. These initiatives are a part of Binance's larger commitment to give its users everywhere a safe and open environment.

Binance CEO Richard Teng stated, "Our registration with the FIU-IND marks an important milestone in Binance's journey." Our compliance with Indian rules enables us to customise our services to meet the specific requirements of Indian users, in recognition of the growth and potential of the Indian VDA market.
India's position in the cryptocurrency space
India is quickly rising to the top of the bitcoin market. It is anticipated that Binance's move to completely enter the market and adhere to Indian legislation will elevate the bar for the nation's entire industry.

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