Crypto exchange Binance has reappeared on India’s Google Play Store and Apple App Store following a seven-month ban due to noncompliance with local regulations.
Reasons for the Ban
On Aug. 15, Binance’s website and Android and iOS apps were made available for crypto investors in India. Binance confirmed that it had registered as a reporting entity with India’s Financial Intelligence Unit (FIU-IND) — a legal compliance requirement for all crypto exchanges operating in India against money laundering. The FIU-IND, a government agency dedicated to collecting intelligence on financial offenses, had blocked the website URLs and mobile applications of Binance and eight other crypto exchanges that failed to register with law enforcement in January.
Binance Registers in India
Binance announced the India registration as its “19th global regulatory milestone” and highlighted the country ranks in the top five by estimated transaction volume across all crypto ecosystems. 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. Binance CEO Richard Teng added: “Our commitment to stringent regulation forms a fundamental part of our business strategy. It’s about fostering a secure, transparent, and efficient environment.”
Future Plans
Prior to India, Binance bagged Dubai’s crypto license in April. Binance received its Virtual Asset Service Provider (VASP) license after co-founder Changpeng Zhao gave up his voting power in the exchange’s local entity.
Binance's return to India underscores the significance of complying with local regulations for successful international operations. The company intends to continue expanding its services while adhering to stringent regulatory standards.
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