Binance, the world’s largest crypto exchange by trading volume, has announced a major regulatory milestone today. According to the company’s blog post, the exchange has successfully registered with India’s Financial Intelligence Unit (FIU-IND) as a reporting entity. This makes it Binance’s 19th regulatory milestone across the globe.
Binance Resumes Services In India
On Thursday, Binance’s website and app became fully available to users in India after a seven-month ban due to non-compliance with local rules.
“This registration underscores Binance’s commitment to adhering to anti-money laundering (AML) standards and fostering a secure, transparent, and efficient ecosystem,” Binance said in the blog.
By registering with India’s Financial Intelligence Unit, Binance will enforce Anti-Money Laundering guidelines and a rigorous framework for fighting the Financing of Terrorism in the cryptocurrency market in India. Binance CEO Richard Teng noted:
“Our commitment to stringent regulation forms a fundamental part of our business strategy. It’s about fostering a secure, transparent, and efficient environment.”
The registration with (FIU-IND) comes just months after Binance was slapped with a fine for offering services in the nation without permission.
Binance Previously Banned By Indian Government
In January, India’s Financial Intelligence Unit blocked the website URLs and mobile apps of Binance and eight other offshore crypto exchanges that were allegedly operating illegally by failing to both register with the agency and comply with the country’s anti-money laundering (AML) regulations.
In June, the FIU fined Binance $2.2 million for failing to adhere to its stipulated requirements mandated under the country’s Prevention of Money Laundering Act (PMLA).
Binance became the first foreign crypto exchange, along with KuCoin, to be approved by FIU in May, contingent on the firm paying its fine with the regulator. KuCoin paid a fine of $41,000 and made a comeback in India in May.
Commenting on Binance’s return to the Indian crypto market, Teng posited:
“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.”
Earlier in April, Binance secured the long-awaited Virtual Asset Service Provider (VASP) license in Dubai, marking another significant win for the global exchange.