Binance, the world's largest cryptocurrency exchange, has reopened access to its website and app for Indian users. This follows the payment of fines and registration as a “reporting entity” with India’s Financial Intelligence Unit.
Context of the Block in India
Earlier this year, Indian regulators blocked nine cryptocurrency websites, including Binance, for illegal operations without proper compliance with local regulations.
Fine Payment and Registration
In June, the Financial Intelligence Unit (FIU) of India fined Binance 188.2 million Indian Rupees ($2.25 million) for violating anti-money laundering laws. Today, a Binance spokesperson confirmed the payment of the fine and the registration of the exchange with the FIU. In a blog, Binance indicated that this registration underscores the exchange's commitment to complying with anti-money laundering standards in India and other regions.
Reaction and Future Steps
Binance CEO Richard Teng noted in the blog that the exchange recognizes the importance and potential of the Indian digital asset market, and the registration will enable it to tailor its services to the needs of Indian users.
Binance’s re-entry into the Indian market marks a significant step in strengthening the exchange's position in one of the world's largest cryptocurrency markets.
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