Key Insights
- Binance has registered as a “reporting entity” with India’s Financial Intelligence Unit, allowing it to resume operations in the country.
- The move follows a seven-month ban and a $2.25 million penalty for violating India’s anti-money laundering laws.
- Binance has paid the penalty and emphasized its commitment to compliance with Indian regulations.
MUMBAI (MarketsXplora) – Binance, the world’s largest cryptocurrency exchange, has re-entered the Indian market after registering as a “reporting entity” with the country’s Financial Intelligence Unit (FIU), the company announced on Friday.
The move comes seven months after Indian regulators blocked Binance and eight other crypto websites for operating without proper compliance with local regulations.
In a statement on its blog, Binance confirmed that its website and app are now fully accessible to Indian users. The exchange emphasized that this registration demonstrates its commitment to adhering to anti-money laundering standards in India and other jurisdictions where it operates.
Richard Teng, CEO of Binance, highlighted the significance of the Indian virtual digital asset (VDA) market, stating,
“Recognizing the vitality and potential of the Indian VDA market, this alignment with Indian regulations allows us to tailor our services to the needs of Indian users.”
The crypto giant’s return to India follows a June order from the FIU, imposing a penalty of 188.2 million Indian Rupees ($2.25 million) on Binance for violating rules under the country’s Prevention of Money Laundering Act. The FIU had issued specific directives to ensure Binance’s compliance with India’s anti-money laundering laws.
A Binance spokesperson confirmed to MarketsXplora that the penalty has been paid, paving the way for the exchange’s re-entry into one of the world’s largest potential crypto markets.
This development marks a significant turnaround for Binance in India, potentially signaling a shift in the country’s approach to cryptocurrency regulation and operations.
As Binance resumes its services, industry observers will be watching closely to see how this move impacts the broader cryptocurrency landscape in India and whether it encourages other exchanges to follow suit in seeking regulatory compliance.
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