Binance Resumes Operations in India Following Compliance Registration

Nitin Konde

Aug 16, 2024 — 2 min read

Binance Resumes Operations in India

Both the Google Play Store and the Apple App Store in India have reported the reappearance of the Binance cryptocurrency exchange after a seven-month absence. As a result of the exchange's registration as a reporting entity with India's Financial Intelligence Unit (FIU-IND), the applications and website of the exchange were once again made available to users on August 15.

As part of the efforts to prevent money laundering, registration is a constitutionally mandated step that must be taken by all cryptocurrency exchanges that are active in India.

FIU-IND blocking the operations of Binance earlier

Binance was one of nine cryptocurrency platforms that were blocked by the Financial Intelligence Unit of India (FIU-IND) earlier this year owing to their failure to comply with local legislation.

Following the failure of these platforms to register with the Indian law enforcement body, the block was implemented during the month of January.

In April, there were reports that stated Binance intended to pay a fine of $2.25 million in relation to its earlier noncompliance; however, the exchange has not acknowledged whether or not this amount was paid.

Binance is now aligning its operations to India's compliance

Binance will comply with the requirements of the Indian authorities by enforcing anti-money laundering (AML) rules and implementing steps to combat the financing of terrorism (CFT). Binance's registration has now been completed.

Validation of identity protocols, such as Know Your Customer (KYC), is included in the compliance programme of the exchange. Additionally, the exchange has a Financial Crimes Compliance team that provides support for investigations into crypto-related offences.

Richard Teng, the Chief Executive Officer of Binance, referred to the registration as a regulatory milestone for the exchange. He emphasised the significance of the Indian market, which, according to Chainalysis, is one of the top five markets in the world in terms of the estimated amount of cryptocurrency transactions. The registration of Binance operations in India is a component of the company's larger goal to conform to local legislation in a number of different jurisdictions. Recently, the exchange was successful in obtaining a licence to operate as a virtual asset service provider (VASP) in Dubai.

Trading, purchasing, and selling of cryptocurrencies may all be done using Binance, which is a digital wallet service that operates online. The fact that Binance is a globally recognised software also means that its security features are of a very high standard and are always being improved. This, in turn, ensures that the coins customers keep in their wallets are safe and secure.