Binance, a leading cryptocurrency exchange, has officially registered as a reporting entity with the Financial Intelligence Unit of India (FIU-IND). Richard Teng, CEO of Binance, highlighted the importance of the Indian market, while reiterating the company’s commitment to providing safe and efficient services. With this crucial registration, Indian users now have full access to Binance’s services.
Binance is fully available for Indian users
On Thursday, Binance made a major announcement regarding its entry into the Indian market. By registering with FIU-IND, Binance has achieved its 19th global regulatory milestone. The development was shared via social media platform X (formerly Twitter), where Binance stated that it is ready to cater to the needs of Indian users:
Binance is now live in India. We are officially registered as a reporting entity with the Financial Intelligence Unit of India (FIU-IND). Indian users can now fully access our website and app.
This milestone demonstrates Binance’s focus on meeting anti-money laundering (AML) standards, reflecting the exchange’s continued commitment to ensuring compliance across the various jurisdictions in which it operates.
CEO Richard Teng highlighted the importance of this achievement for Binance’s global operations, calling it a critical milestone. He acknowledged the importance of the Indian virtual digital asset (VDA) market and emphasized that compliance with Indian regulations is a critical part of customizing the company’s services to meet the needs of Indian users. Teng added, “We are excited to bring the advanced features of our platform to India, contributing to the evolution of the VDA landscape in the country.”
#Binance is online in India 🇮🇳
Binance is now registered as a reporting entity with the Financial Intelligence Unit of India, marking our 19th global regulatory milestone!
Our website and app are now fully available for Indian users.
Read more 👇
— Binance (@binance) August 15, 2024
Regulatory and Safety Commitment
Teng also explained the company’s commitment to regulation as a key aspect of Binance’s business strategy. He emphasized that this commitment goes beyond business needs, aiming to create a secure, transparent, and efficient environment for users. By complying with strict regulatory standards, Binance hopes to build trust and foster sustainable growth in the industry.
Indian users now have access to Binance’s full suite of services, signaling the exchange’s strategic move into one of the world’s fastest-growing digital asset markets. The expansion is part of the company’s global strategy to establish a strong presence in major digital markets, particularly in regions where demand for virtual asset services is growing.
Binance’s Compliance Efforts in India
Binance’s launch in India comes in the wake of regulatory challenges. Earlier, the Financial Intelligence Unit of India had fined the cryptocurrency exchange $2.25 million for failing to comply with anti-money laundering rules. Additionally, in August, Binance was slapped with a goods and services tax (GST) bill of $87 million, stemming from its failure to comply with Indian tax laws.
These developments underscore Binance’s continued efforts to align with the Indian regulatory environment and underscore the company’s commitment to address any compliance issues. Despite these hurdles, Binance has successfully resumed operations and has now made its full platform available to Indian users.
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