Key takeaways
- Binance has officially registered as a reporting entity with Indian financial regulators.
- The exchange has resumed its services on the market in compliance with local regulations.
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Binance has officially resumed operations in India after registering as a reporting entity with the Financial Intelligence Unit of India (FIU-IND), the company said in a statement on its blog on Thursday. The development marks Binance’s 19th global regulatory milestone.
Prior to this registration, the world’s leading cryptocurrency exchange had been sanctioned by the FIU-IND for failing to comply with legal obligations. In June, the FIU fined Binance $2.25 million for failing to comply with the requirements of the Money Laundering Prevention Act, including record keeping and suspicious activity reporting.
With the registration, Binance’s website and app are now accessible to Indian users, offering a full range of services. The company said the move underscores Binance’s strategic focus on expanding its presence in key markets and complying with local regulations.
“Our registration with FIU-IND marks an important milestone in Binance’s journey,” said Richard Teng, CEO of Binance.
“Recognizing the vitality and potential of the Indian VDA market, this alignment with Indian regulations allows us to tailor our services to Indian users. It is a privilege to extend the reach of our cutting-edge platform to this thriving market, supporting the continued evolution of VDA in India,” he noted.
Binance will implement its robust Anti-Money Laundering (AML), Combating the Financing of Terrorism (CFT) and Know Your Customer (KYC) procedures in India to protect users and elevate industry standards.
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