Crypto exchange Binance is once again available on Google Play Store and Apple App Store in India after a seven-month ban due to noncompliance with local regulations.
Ban History
In January, Binance’s websites and mobile apps were blocked by India's Financial Intelligence Unit (FIU-IND) for failing to register. This decision also affected eight other crypto exchanges.
Market Return
On August 15, Binance’s websites and apps became accessible to Indian investors again. Binance confirmed to Cointelegraph that it is now registered as a reporting entity with FIU-IND, a legal requirement for all crypto exchanges operating in India.
Binance's New Steps
The company will now implement Anti-Money Laundering (AML) policies and a Combating the Financing of Terrorism (CFT) framework in the Indian market. 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.' Binance also emphasized that its registration with Indian authorities marks its 19th global regulatory milestone.
Binance’s reentry into the Indian market is a significant step in its strategy of global growth and compliance with local regulatory requirements.
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