Binance has achieved a new regulatory milestone by registering with the Indian Financial Intelligence Unit (FIU-IND), according to an August 15 statement shared with CryptoSlate.
This registration expands Binance’s compliance to 19 jurisdictions, the most for any crypto trading platform. The exchange views these registrations as evidence of its commitment to anti-money laundering (AML) standards and creating a safe, transparent and efficient trading environment.
Binance CEO Richard Teng emphasized the importance of this registration with the Indian market, stating that this regulatory alignment allows the company to better serve Indian users.
He added:
“Our commitment to strict regulation is a fundamental part of our business strategy. It is about promoting a safe, transparent and efficient environment.”
Chainalysis data ranks India among the top five countries for crypto adoption. The country has a substantial transaction volume through centralized and decentralized exchanges, lending protocols and token smart contracts.
Return to the app store
Following the registrations with the authorities, Binance has announced that its website and applications are now fully operational for Indian users.
Several Indian crypto enthusiasts have already confirmed on social media platform
In January, India’s financial regulator blocked Binance’s website and mobile apps, along with those of eight other crypto exchanges, for failing to comply with local laws. In June, reports later emerged that FIU had fined Binance $2.2 million for non-compliance with the country’s AML regulations.
It was unclear whether the company had paid this fine before relaunching its services in the Asian country.
Meanwhile, Binance continues to face significant tax issues in India. Earlier in the month, CryptoSlate reported that the Directorate General of Goods and Services Tax Intelligence (DGGI) had demanded 722 crore Indian rupees ($86 million) from the company for Goods and Services Tax (GST) arrears.