Binance Makes a Comeback in India After Regulatory Setback
Binance, the world’s largest cryptocurrency exchange, has officially resumed operations in India after a seven-month suspension due to regulatory issues. Indian users can now access Binance’s website and mobile apps, marking a significant milestone for the exchange.
The Financial Intelligence Unit (FIU-IND) had previously blocked 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 successfully registered as a reporting entity with the FIU-IND, paving the way for its return to the Indian market.
Rumors had circulated in April that Binance planned to pay a $2 million fine imposed by the FIU-IND for its noncompliance and re-enter the Indian market. While Binance has now registered with Indian authorities, it has not confirmed whether it paid the fine.
As part of its registration, Binance will implement strict Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) policies in India. CEO Richard Teng highlighted the importance of the Indian market, emphasizing the exchange’s commitment to tailoring its services to meet the needs of Indian users.
Before re-entering the Indian market, Binance obtained a Virtual Asset Service Provider (VASP) license in Dubai in April. This move underscores the exchange’s dedication to operating within local regulations and supporting a safe environment for crypto trading in one of the world’s largest markets.
Binance’s return to India signifies a significant step in the exchange’s global expansion strategy and its commitment to compliance with regulatory requirements. With the crypto market continuing to evolve, Binance’s re-entry into India is expected to have a positive impact on the country’s growing virtual asset ecosystem.
