Binance Achieves 19th Global Regulatory Milestone, Re-Enters India
Crypto exchange Binance has received its 19th global regulatory milestone as it re-enters the Indian market. According to the details from an official announcement, Binance has registered as a reporting entity with India’s Financial Intelligence Unit (FIU-IND).
Key points:
- Binance re-enters the Indian market.
- India marks its 19th global regulatory milestone.
- Binance registers as a reporting entity in India.
- The exchange’s website and application are now available to Indian users.
Binance CEO Richard Teng said, “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.”
Binance website and application now available in India
With its regulatory milestone, the crypto exchange is implementing robust AML and CFT controls. Additionally, Richard mentioned in the press release that it was a privilege to support India’s continued VDA evolution.
Following the re-entry, the website and mobile applications are now fully available to Indian users. Prior to this, Indian users were unable to access the exchange’s website, and the apps were also delisted from the Play Store and the App Store.
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The news of the exchange’s regulatory milestone comes after the exchange reportedly challenged India’s $86 million tax showcause notice. The exchange was also ordered to pay a fine of $2.2 million in June 2024 for failing to comply with the county’s AML rules.
A Binance spokesperson told The Block that the exchange has paid the fine to re-enter the Indian crypto market.
