Binance will continue to operate in India, ensuring regulatory compliance
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Binance is officially registered as a reporting entity with India's financial regulators. The exchange continues to operate in the market in compliance with local regulations.
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After registering as a reporting entity with the Financial Intelligence Unit of India (FIU-IND), Binance has officially resumed its services in India, the company said in a blog post on Thursday. The development marks Binance's 19th global regulatory milestone.
Prior to this registration, the world's leading crypto exchange was fined by FIU-IND for non-compliance with its statutory obligations. In June, FIU was fined $2.25 million for failing to comply with Anti-Money Laundering Act requirements, recordkeeping and reporting suspicious activity.
With the registration, Binance's website and app are now accessible to Indian users, offering a complete range of services. The firm said the move underscores Binance's strategic focus on expanding its presence in key markets and complying with local regulations.
“Our registration with FIU-IND is an important milestone in Binance's journey,” said Binance CEO Richard Teng.
“Recognizing the importance and potential of the Indian VDA market, this alignment with Indian regulations allows us to tailor our services to Indian users. It is a great opportunity to support the continued evolution of India's VDA market and extend our platform to this thriving market,” he said.
Binance implements strong Anti-Money Laundering (AML) in India to protect users and raise industry standards, combating the financing of terrorism (CFT) and know-your-customer (KYC).
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