Share this article

Binance has officially resumed services in India after registering as a reporting entity with India’s Financial Intelligence Unit (FIU-IND), the company said in a blog announcement on Thursday. The development marks Binance’s 19th global regulatory milestone.

Before this registration, the world’s largest crypto exchange was penalized by the FIU-IND for failing to comply with legal obligations. In June, the FIU fined Binance $2.25 million for failing to comply with the requirements of the Prevention of Money Laundering Act, including record keeping and reporting suspicious activities.

With the registration, Binance’s website and app are now accessible to Indian users, with a full range of services. The company said the move underscores Binance’s strategic focus on expanding its presence in key markets and complying with local regulations.

“Our registration with the FIU-IND marks an important milestone in Binance’s journey,” said Richard Teng, CEO of Binance.

“Recognizing the vitality and potential of the Indian VDA market, this alignment with Indian regulations enables us to tailor our services for Indian users. It is a privilege to extend the reach of our advanced platform to this thriving market, thereby supporting India’s continued VDA evolution,” he noted.

Binance will implement its robust anti-money laundering (AML), counter-terrorist financing (CFT), and know-your-customer (KYC) procedures in India to protect users and raise industry standards.

Share this article