Key Takeaways
Binance’s registration as a reporting entity with the Financial Intelligence Unit of India (FIU-IND) also marks the achievement of the 19th global regulatory milestone.
This registration demonstrates Binance’s commitment to complying with Anti-Money Laundering (AML) standards and promoting a secure, transparent, and efficient ecosystem globally.
"Binance's commitment to compliance is at the core of our business strategy, focusing on secure, transparent, and efficient operations. As Binance expands in India, we are committed to promoting responsible growth and contributing to the development of global crypto assets, while raising local market standards and ensuring stronger user protection."
Binance’s website and application are now fully open to Indian users, providing them with a full range of Binance services and tools to meet their needs.
As part of our ongoing efforts to comply with the highest regulatory standards, we are proud to announce that Binance has successfully registered as a reporting entity with the Financial Intelligence Unit (FIU) of India. This achievement marks Binance’s 19th global regulatory milestone.
Registration with the Indian Financial Intelligence Unit underscores Binance’s commitment to anti-money laundering (AML) compliance in India and other jurisdictions where it operates. This move is a testament to Binance’s commitment to promoting a secure, transparent, and efficient ecosystem in line with the company’s global standards.
In this regard, Binance CEO Richard Teng said: "Our registration with the Indian Financial Intelligence Unit marks an important milestone in Binance's development journey. We recognize the vitality and potential of the Indian virtual digital asset market, and this cooperation with Indian regulators enables us to provide customized services to Indian users. We are honored to expand our leading platform into this booming market and support the continued development of the Indian virtual digital asset market."
Leading ecosystem development opportunities
According to the Chainalysis Global Crypto Adoption Index 2023, India leads the world in mass cryptocurrency adoption. The country ranks in the top five in terms of estimated transaction volume for centralized and decentralized exchanges, lending protocols, and token smart contracts, highlighting the dynamism and huge potential of the Indian market.
When Binance entered the Indian market, it not only complied with local registration requirements, but also brought a world-class compliance program, including strong anti-money laundering (AML) policies and controls, and a comprehensive framework for combating the financing of terrorism (CFT). Binance hopes that the implementation of these industry-leading frameworks in the Indian market will make a meaningful contribution to the local ecosystem and improve market standards. This is not only beneficial to India's virtual digital asset industry, but more importantly, it ensures stronger user protection.
Excellent compliance
In addition to strict anti-money laundering and counter-terrorist financing controls, key components of Binance's compliance program include a strong identity verification (Know Your Customer, or KYC) process, as well as an industry-leading Financial Crime Compliance (FCC) unit to assist law enforcement agencies in investigating crimes related to the crypto market and capacity building to strengthen the collective security of the ecosystem. Richard Teng added: "Our commitment to strict regulation forms an important part of Binance's business strategy, which is about creating a safe, transparent and efficient environment."
As we enter the thriving Indian market, Binance is committed to operating within these principles of compliance, user safety, and responsible growth, while promoting the development of crypto assets around the world.
