Binance, the world’s leading virtual digital asset (VDA) infrastructure provider, announced its registration as a reporting entity with the Financial Intelligence Unit of India (FIU-IND), marking Binance’s 19th global regulatory milestone.
Registration with FIU-IND underscores Binance’s commitment to complying with anti-money laundering (AML) standards in India and around the world.
Richard Teng, CEO of Binance, commented on this achievement, saying: “Our registration with FIU-IND marks an important milestone in Binance’s journey. Recognizing the vibrancy and potential of the Indian VDA market, this alignment with Indian regulations allows us to tailor our services for local users. It is a privilege to extend the reach of our cutting-edge platform to this thriving market, supporting the continued evolution of VDAs in India.”
India leads the world in cryptocurrency adoption, according to Chainalysis’ 2023 Global Cryptocurrency Adoption Index. The country ranked in the top five for estimated transaction volume across centralized and decentralized exchanges, lending protocols, and token smart contracts. This highlights the vitality and huge potential of the Indian market and its strategic importance for the future of finance.
In line with its global standards, Binance brings its top-notch compliance program, encompassing robust Anti-Money Laundering (AML) policies and controls and a comprehensive Combating the Financing of Terrorism (CFT) framework. Binance hopes that the implementation of these industry-leading frameworks in the Indian market can significantly contribute to the local context and raise market standards for all cryptocurrency exchanges. This is not only beneficial for the Indian VDA industry, but more importantly, ensures greater protection for users.
In addition to rigorous AML and CFT controls, key components of Binance’s compliance program are robust identity verification (know your customer, or KYC) processes and the industry-leading Financial Crimes Compliance (FCC) unit, designed to assist law enforcement in investigating VDA-related crimes and building capacity, strengthening the collaborative security of the ecosystem. Richard Teng added: “Our commitment to strict regulation forms a core part of our business strategy. It is about fostering a safe, transparent, and efficient environment.”
With this registration, the Binance website and app are now fully available to Indian users, providing them with access to the full suite of Binance services and tools tailored to meet their needs.