- Binance's Return to India
- Compliance with Local Regulations
- Binance Leadership's Comments
Crypto exchange Binance has made a comeback on India’s Google Play Store and Apple App Store after a seven-month absence due to noncompliance with local regulations.
Binance's Return to India
On August 15, Binance’s website and Android and iOS apps became accessible to crypto investors in India once again. Binance confirmed to Cointelegraph that it has now registered as a reporting entity with India’s Financial Intelligence Unit (FIU-IND), a legal requirement for all crypto exchanges operating in India to combat money laundering.
Compliance with Local Regulations
India had previously banned Binance for failing to comply with these regulations. The FIU-IND blocked the URLs and mobile apps of Binance and eight other crypto exchanges in January for not registering with law enforcement. In April, an unconfirmed report suggested that Binance intended to pay a $2.25 million fine. However, the exchange did not confirm whether the fine was paid.
Binance Leadership's Comments
Commenting on Binance’s return to India, Binance CEO Richard Teng stated, 'Recognizing the vitality and potential of the Indian virtual digital asset market, this alignment with Indian regulations allows us to tailor our services for Indian users.'The crypto-bourse’s commitment to anti-money laundering and combating the financing of terrorism remains a priority, as evidenced by its global regulatory milestones.
By registering with the Indian government, Binance will implement Anti-Money Laundering (AML) policies and a framework for Combating the Financing of Terrorism (CFT) in the Indian market. This marks Binance's 19th global regulatory milestone.
