Binance Makes A Compliance Comeback in This Country
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Crypto exchange Binance has officially re-entered the Indian market after a seven-month gap following its registration with the Financial Intelligence Unit of India (FIU-IND). This is the 19th such approval received by Binance as it continues to pursue operations in one of the world’s largest cryptocurrency markets. Binance’s Compliance with Indian Regulations Binance is coming back to India after the temporary ban by the Indian government due to the non-adherence of the exchange to local laws. In January, the FIU-IND ordered the blocking of the website addresses and mobile applications of the exchange and eight other cryptocurrency exchanges for not having previously complied with the registration as report entities. #Binance goes live in India 🇮🇳 Binance is now registered as a reporting entity with India’s Financial Intelligence Unit, marking our 19th global regulatory milestone! Our website and app are now fully available for Indian users. Read more 👇https://t.co/samyDmwwut — Binance (@binance) August 15, 2024 This is a legal process put in place by the government of India to make sure that all the crypto exchanges operating within the country meet the legal requirements of the country, especially as regards anti money laundering. The Indian government has implemented a legal framework to ensure that all exchanges adhere to its anti-money laundering regulations. On August 15, the exchange opened its website and applications for Indian users once again. The company got the confirmation of its registration with the FIU-IND, enabling it carry out its activities in the country. Binance did not confirm if it had paid the reported $2.25M fine for non-compliance. However, it is currently in compliance with Indian laws. Richard Teng, CEO of Binance, stressed on the significance of the Indian market for the overall scheme of the company. He noted that India falls among the top five countries in calculated transaction volume in…
Filed under: News - @ August 15, 2024 11:25 pm