Binance has registered as a “reporting entity” with the Financial Intelligence Unit of India, meaning the world’s largest cryptocurrency exchange is now allowed to operate in India after being blocked there since January.
On the blog mail Binance, which launched today, said its website and app are fully accessible to Indian users. “Registering with the FIU underscores Binance’s commitment to comply with anti-money laundering standards in India and other jurisdictions where we operate,” the exchange said.
“We recognize the vitality and potential of the Indian VDA market, and this alignment with Indian regulations allows us to tailor our services to the needs of Indian users,” Binance CEO Richard Teng said in the post.
Binance’s re-entry into India comes after approval from Indian regulators. Nine cryptocurrency websites were blocked in January. If you operate illegally without properly complying with local regulations.
In June, FIU officially I ordered on Binance It will have to pay a fine of 188.2 million Indian rupees ($2.25 million) for violating the country’s anti-money laundering laws. The FIU said at the time that it had sent specific instructions to Binance to ensure that it faithfully complies with the country’s anti-money laundering laws.
“We can confirm that the fine has been paid,” a Binance spokesperson told The Block today.
Disclaimer: The Block is an independent media outlet providing news, research and data. As of November 2023, Foresight Ventures is the largest investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information on the cryptocurrency industry. Below are the current financial disclosures.
© 2024 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be legal, tax, investment, financial or other advice.