- Full Access to Binance Services for Indian Users
- Commitment to Regulation and Security
- Compliance Efforts in India
Binance, a prominent cryptocurrency exchange, has officially registered as a reporting entity with India’s Financial Intelligence Unit (FIU-IND). Richard Teng, Binance’s CEO, underscored the significance of the Indian market, while reiterating the company’s commitment to offering secure and efficient services.
Full Access to Binance Services for Indian Users
On Thursday, Binance made a significant announcement regarding its entry into the Indian market. By registering with FIU-IND, Binance reached its 19th global regulatory milestone. This development was shared via social media platform X (formerly Twitter), where Binance declared its readiness to cater to Indian users.
> Binance is now live in India. We are officially registered as a reporting entity with the Financial Intelligence Unit of India (FIU-IND). Indian users can now fully access our website and app.
This step demonstrates Binance’s focus on adhering to anti-money laundering (AML) standards, reflecting the exchange’s ongoing dedication to ensuring compliance across the various jurisdictions in which it operates.
Commitment to Regulation and Security
CEO Richard Teng emphasized the significance of this achievement for Binance’s global operations, calling it a critical milestone. He acknowledged the importance of the Indian market for virtual digital assets (VDAs) and highlighted that compliance with Indian regulations is a vital part of customizing the company’s services to meet the needs of Indian users. Teng added, “We are excited to bring our platform’s advanced features to India, contributing to the evolving VDA landscape in the country.”
Compliance Efforts in India
Binance’s launch in India comes in the wake of regulatory challenges. Earlier, the Financial Intelligence Unit of India imposed a fine of $2.25 million on the crypto exchange for non-compliance with anti-money laundering rules. Furthermore, in August, Binance was issued a goods and services tax (GST) bill amounting to $87 million, resulting from non-compliance with India’s tax laws.
These developments highlight Binance’s ongoing efforts to align with India’s regulatory environment and emphasize the company’s commitment to addressing any compliance issues. Despite these hurdles, Binance has successfully resumed its operations and has now made its full platform available to Indian users.
Binance’s new registration in India confirms the company’s continuous efforts to comply with local regulations and ensure high standards of security. This move allows Indian users to fully enjoy the company’s services, reflecting Binance’s strategic focus on expanding its presence in major digital markets.
