Binance announced that its website and mobile apps are now available to local users after successfully completing the registration procedures with the Financial Intelligence Unit of India (FIU-IND). Binance noted that the exchange team managed to ensure full compliance of the crypto platform with the regulatory requirements of Indian regulatory authorities.

“Compliance allows us to tailor our services to the needs of Indian users and validate the viability of the Indian VDA market,” said Binance CEO Richard Teng.

Despite India’s potential as a major expansion area for global cryptocurrency companies, the local digital asset market remains relatively underdeveloped. This is a result of pressure from the Reserve Bank of India (RBI) on bankers to distance themselves from any form of collaboration with virtual asset service providers.

The Indian government's tough tax policy is dampening the enthusiasm of national digital asset market participants for development prospects. For example, in early August, cryptocurrency exchange Binance faced new tax problems when Indian fiscal authorities announced that the company owed 722 crore rupees ($86 million) in payments to the budget.#binance