JUST IN: 🇮🇳 #Binance obtains registration with India's Financial Intelligence Unit.
While the exchange has obtained a registration with the Financial Intelligence Unit, it has yet to receive a verdict from its ongoing hearing. Furthermore, the world’s largest exchange will likely face a hefty fine before resuming its services in the nation.
According to a statement, ‘Binance is registered but the compliance proceedings are not completed. Furthermore, ‘the amount of penalty has to be decided by me and that hearing is still going on.‘
Binance, KuCoin and several other prominent crypto platform were sent notices by the Financial Intelligence Unit last year. According to authorities, the entities did not follow anti-money laundering laws. The FIU had stated, ‘several offshore entities though catering to a substantial part of Indian users were not getting registered and coming under the Anti Money Laundering (AML) and Counter Financing of Terrorism (CFT) framework.‘
Nonetheless, Binance reentering the Indian market would be a positive development for the company. India is one of the biggest crypto markets in the world, with one of the largest number of crypto users.
