- Binance’s Compliance with Indian Regulations
- Binance CEO Comments on Reentry
- Binance’s Global Regulatory Milestones
Binance has officially re-entered the Indian market after a seven-month gap following its registration with the Financial Intelligence Unit of India (FIU-IND). This is the 19th such approval received by Binance, essential for its operations in one of the world’s largest cryptocurrency markets.
Binance’s Compliance with Indian Regulations
Binance is coming back to India after the temporary ban by the Indian government due to the non-adherence of the exchange to local laws. In January 2024, the FIU-IND ordered the blocking of the website addresses and mobile applications of Binance and eight other cryptocurrency exchanges for not having previously complied with the registration as report entities. This is a legal process put in place by the government of India to make sure that all the crypto exchanges operating within the country meet the legal requirements of the country, especially as regards anti money laundering. On August 15, the exchange opened its website and applications for Indian users once again. The company got the confirmation of its registration with the FIU-IND, enabling it to carry out its activities in the country. Binance did not confirm if it had paid the reported $2.25M fine for non-compliance. However, it is currently in compliance with Indian laws.
Binance CEO Comments on Reentry
Binance CEO Richard Teng stressed on the significance of the Indian market for the overall scheme of the company. He noted that India falls among the top five countries in calculated transaction volume in all the crypto markets. Teng remains optimistic about the future of the Indian virtual digital asset market. He believes that their adherence to Indian laws will enhance its services for Indian customers.
Binance’s Global Regulatory Milestones
India is not the only country where Binance has had to find its way around recent regulatory issues. The exchange has been engaged in addressing legal and compliance challenges in many jurisdictions across the globe. For instance, in April this year, Binance got a VASP license in Dubai while its co-founder CZ stepped down from the board of the exchange’s Middle East unit. This was in line with Binance’s overall plan of abiding with the laws in various regions. Besides its return to India, Binance has also made significant developments in Brazil. The exchange finalized a legal battle with CVM, the Brazilian securities and exchange commission, where it agreed to a settlement of 9.6 million reais ($1.75 million).
With its return to India, Binance has seen its native token, BNB, benefit. The token is now in a long-term upward trend, and experts expect the trend to continue. However, Binance may encounter some issues such as the recent tax bill by the Indian government, claiming $86 million in GST from Binance.
Comments