Binance Returns to India on 78th Independence Day
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Binance, one of the world’s largest crypto exchanges, has officially re-entered the Indian market. The announcement follows Binance’s successful registration with India’s Financial Intelligence Unit (FIU-IND). However, the crypto exchange faced challenges and hefty penalties for registering with the FIU-IND. Indian Users Can Now Access Binance The registration, notably Binance’s 19th global regulatory milestone, coincides with India’s 78th Independence Day. Hence, it marks a celebratory moment for both Binance and the Indian crypto community. Richard Teng, CEO of Binance, expressed enthusiasm about the development. “Our registration with the FIU-IND marks an important milestone in Binance’s journey. Recognizing the vitality and potential of the Indian VDA market, this alignment with Indian regulations allows us to tailor our services for Indian users,” Teng said in a press release shared with BeInCrypto. Read more: Binance Review 2024: Is It the Right Crypto Exchange for You? India’s crypto adoption is evidenced by its high ranking on Chainalysis’ 2023 Global Crypto Adoption Index. The country stood among the top five nations in terms of transaction volume across various platforms. This vibrancy positions India as a key player in the crypto industry, highlighting the strategic importance of Binance’s re-entry. 2023 Global Crypto Adoption Index. Source: Chainalysis Binance’s approach in India includes implementing anti-money laundering (AML) policies and a comprehensive framework for combating the financing of terrorism (CFT). These measures are part of a broader compliance program encompassing stringent identity verification processes. This unit is crucial in assisting law enforcement and enhancing the overall security of the VDA ecosystem. However, the journey toward compliance has not been without its challenges. Earlier this month, India’s Directorate General of GST Intelligence (DGGI) issued a show-cause notice to Binance. The DGGI demanded a Goods and Services Tax (GST) payment approximating $86.047 million. The notice pertains to fees collected from Indian…
Filed under: News - @ August 15, 2024 1:21 pm