Crypto exchange Binance has registered with India’s Financial Intelligence Unit (FIU) as a reporting entity. This comes after settling a $2.25 million fine with the agency earlier this year.
#Binance goes live in India 🇮🇳
Binance is now registered as a reporting entity with India's Financial Intelligence Unit, marking our 19th global regulatory milestone!
Our website and app are now fully available for Indian users.
Read more 👇https://t.co/samyDmwwut
— Binance (@binance) August 15, 2024
Richard Teng, successor to CZ as Binance’s CEO, said, “Our registration with the FIU-IND marks an important milestone in Binance’s journey.
Binance CEO Speaks On Binance’s Registration With India’s FIU
Recognizing the vitality and potential of the Indian VDA (virtual digital asset) market, this alignment with Indian regulations allows us to tailor our services to the needs of Indian users.
It is a privilege to extend the reach of our cutting-edge platform to this thriving market, supporting India’s continued VDA evolution.”
Regarding Binance’s compliance program, Teng added, “Our commitment to stringent regulation forms a fundamental part of our business strategy. It’s about fostering a secure, transparent, and efficient environment.”
India Is Fast Becoming A Global Crypto Hotspot
Global Crypto Adoption: Ranking the Top Countries
🔹 India leads global crypto adoption with a score of 1.0, followed by Nigeria at 0.64 and Vietnam at 0.57.
🔸 The United States ranks fourth at 0.37, showing significant engagement. Ukraine, China, Russia, and the UK. pic.twitter.com/JV5qTcw0r3— House of Chimera (@HouseofChimera) August 12, 2024
This development comes at a good time, as India has recently been named a leader in grassroots crypto adoption. This data comes via Chainalysis’ 2023 Global Crypto Adoption Index.
The country ranked in the top five in three separate categories: estimated transaction volume across centralized and decentralized exchanges, lending protocols, and token smart contracts.
This highlights the huge potential of the Indian market, and Binance hopes to play a major role in it.
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History Of Binance In India: A Spotty Relations
Binance has a spotty history in India, which culminated in its banning from the country alongside eight other crypto exchanges in December 2023.
This came after the FIU accused them of operating illegally by failing to register with the agency and, as a result, were not compliant with the country’s anti-money laundering (AML) and anti-terrorist financing regulations.
In May 2024, the FIU fined Binance $2 million in a gesture to show it intended to comply with the FIU and the Prevention of Money Laundering Act (PMLA) guidelines.
We're thrilled to share that #Binance is now registered with India's FIU-IND, marking our 19th global regulatory milestone.
Thank you to our community in India for your support! And we wish you a Happy Independence Day. 🇮🇳
Let's keep building. https://t.co/B3Xr5d3srE
— Richard Teng (@_RichardTeng) August 15, 2024
Following this settlement, Binance was approved by the FIU to continue trading the following month. The green light was contingent on the firm settling its fine with the regulatory agency and adhering to specific directions regarding compliance with AML and anti-terrorist financing regulations.
In his post on X celebrating the exchange’s registration with the FIU, Richard Teng noted that it is Binance’s 19th global regulatory milestone.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
