Binance, the leading global crypto exchange, has announced its return to India today. The exchange has made yet another milestone in meeting global regulatory standards: According to the press release, it has obtained registration with the Financial Intelligence Unit (FIU) of India.
Binance returns to India after 7 months ban
Today’s registration with the FIU underscores Binance’s commitment to complying with anti-money laundering (AML) standards in India and any other jurisdiction where it operates.
By April, an unverified source suggested Binance’s intention to pay the FIU’s $2.25 million penalty for noncompliance and resume operations in India. While Binance registered with the Indian government agency, it did not confirm whether paying the previously imposed penalty for noncompliance was required.
Binance states “This step is a testament to Binance’s dedication to fostering a secure, transparent, and efficient ecosystem, aligning with the company’s global standards.”
Binance CEO Richard Teng spoke on the development: “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. It is a privilege to extend the reach of our cutting-edge platform to this thriving market, supporting India’s continued VDA evolution.”
India leads the world in widespread crypto adoption, according to Chainalysis’ 2023 Global Crypto Adoption Index. The country ranked among the top five in terms of projected transaction volume for centralized and decentralized exchanges, lending protocols, and token smart contracts.
Before coming to India, Binance acquired Dubai’s crypto license in April. According to Bloomberg, this was after Changpeng Zhao surrendered his voting rights in the exchange’s local entity.
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Source: https://www.cryptonewsz.com/binance-is-now-available-operational-in-india/