Binance, one of the world's leading cryptocurrency exchanges, is back in full operation in India. The platform's website URL has been unblocked, allowing Indian users to access the site without restrictions. This return follows Binance's successful registration with India's Financial Intelligence Unit (FIU) and the payment of a fine of $2.25 million.
A Significant Regulatory Achievement
Binance announced its registration as a reporting entity with the FIU, marking a key milestone in its global regulatory journey. Binance confirmed its commitment to adhering to anti-money laundering (AML) standards and to creating a transparent and secure trading environment through this achievement.
Binance’s Commitment to Compliance
Registration with the FIU involves rigorous checks to ensure compliance with India's legal framework. Binance's compliance program includes robust anti-money laundering (AML) and counter-terrorism financing (CFT) controls. Key components of this program are:
India's Growing Crypto Market
India has emerged as a major player in the global cryptocurrency landscape. According to Chainalysis’ 2023 Global Crypto Adoption Index, India ranks among the top five countries by transaction volume across various crypto platforms. Binance’s entry into this vibrant market is timely. The company’s enhanced compliance measures are expected to contribute significantly to the Indian crypto ecosystem.
Binance has resumed operations in India following successful registration with the FIU and payment of a fine. This move underscores the company's commitment to complying with local laws and standards, fostering a safe and transparent environment for Indian users.
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