Binance, the world’s largest cryptocurrency exchange, has made a triumphant return to the Indian market after a seven-month suspension. Indian users can now once again access Binance’s website and mobile apps, marking a significant development in the cryptocurrency landscape in the country.
The suspension was a result of regulatory issues, with the Financial Intelligence Unit (FIU-IND) blocking the websites and apps of Binance and eight other cryptocurrency exchanges earlier this year for failing to register with the agency. However, on August 15, Binance announced that it had registered as a reporting entity with the FIU-IND, paving the way for its comeback.
In April, rumors circulated that Binance was planning to pay a $2 million fine imposed by the FIU-IND for its previous noncompliance in order to re-enter the Indian market. While Binance has now registered with Indian authorities, it has not confirmed whether the fine was paid.
As part of its registration, Binance will implement strict Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) policies in India, ensuring a safe trading environment for users. CEO Richard Teng emphasized the importance of the Indian market, highlighting the alignment with Indian regulations to tailor services to the needs of Indian users.
Before returning to India, Binance secured a Virtual Asset Service Provider (VASP) license in Dubai, showcasing its commitment to operating within local regulations. This move underscores Binance’s dedication to supporting a safe environment for crypto trading in one of the world’s largest markets.
Overall, Binance’s re-entry into the Indian market signifies a positive step towards regulatory compliance and fostering a secure ecosystem for cryptocurrency trading in India.
