Binance, the world’s largest cryptocurrency exchange, is poised to re-enter the Indian market.
The company has announced its registration as a reporting entity with India’s Financial Intelligence Unit (FIU), affirming its commitment to the nation’s stringent regulatory framework.
“By registering with the FIU, Binance demonstrates its dedication to adhering to anti-money laundering (AML) standards in India and other countries where it operates.
This move reflects Binance’s ongoing efforts to create a secure, transparent, and efficient ecosystem, in line with its global compliance standards,” the company stated in a press release.
Earlier this year, in January, Google removed several cryptocurrency apps, including Binance, from the Play Store in India, following allegations of unauthorized operations.
In December 2023, it was revealed that nine offshore exchanges, including Binance, KuCoin, OKX, and Huobi, were not registered with FIU-IND and were non-compliant with the Prevention of Money Laundering Act (PMLA) of 2002. As a result, the Indian government ordered the blocking of these exchanges’ URLs within the country in January.
Subsequently, India’s Financial Intelligence Unit (FIU) imposed a fine of ₹18.82 crore ($2.25 million) on Binance for violating the nation’s anti-money laundering regulations.
In a June notification, the financial watchdog stated, “After reviewing the written and oral submissions from Binance, the Director of FIU-IND determined that the charges against Binance were substantiated, based on the evidence on record.”
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