Richard

Apple

Fine

Binance, one of the world's leading cryptocurrency exchanges, is back in full operation in India. The platform's website URL has been unblocked, allowing Indian users to access the site without restrictions.&nbsp;
This return follows Binance's successful registration with India's Financial Intelligence Unit (FIU) and the payment of a fine of&nbsp;<a style="text-decoration:none" href="https://www.reuters.com/business/finance/india-financial-watchdog-imposes-225-million-penalty-binance-2024-06-20/" rel="noopener noreferrer nofollow">$2.25 million</a>.
<h2 dir="ltr" id="span-span-a-significant-regulatory-achievement-span-span">A Significant Regulatory Achievement</h2>
Binance announced its registration as a reporting entity with the FIU, marking a key milestone in its global regulatory journey. Binance confirmed its commitment to adhering to anti-money laundering (AML) standards and to creating a transparent and secure trading environment through this achievement.
&nbsp;
Richard Teng, CEO of Binance, emphasized the importance of this development:&nbsp;
&nbsp;
<blockquote>
 “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 to the needs of Indian users.”
</blockquote>
<h2 dir="ltr" id="span-span-binance-s-commitment-to-compliance-span-span">Binance’s Commitment to Compliance</h2>
Registration with the FIU involves rigorous checks to ensure compliance with India's legal framework.
&nbsp;
Binance's compliance program includes robust AML and counter-terrorism financing (CFT) controls. Key components of this program are:
&nbsp;
<ul>
 <li>Know Your Customer (KYC) Processes: Enhanced identity verification measures to ensure user authenticity.</li>
 <li>Financial Crimes Compliance (FCC) Unit: A dedicated team assisting law enforcement with crypto-related investigations and capacity-building efforts.</li>
</ul>
<blockquote>
 “Our commitment to stringent regulation forms a fundamental part of our business strategy. It's about fostering a secure, transparent, and efficient environment,” Richard Teng added.
</blockquote>
<h2 dir="ltr" id="span-span-india-s-growing-crypto-market-span-span">India's Growing Crypto Market</h2>
India has emerged as a major player in the global cryptocurrency landscape. According to&nbsp;<a style="text-decoration:none" href="https://www.chainalysis.com/blog/2023-global-crypto-adoption-index/" rel="noopener noreferrer nofollow">Chainalysis’ 2023 Global Crypto Adoption Index</a>, India ranks among the top five countries by transaction volume across various crypto platforms.&nbsp;
&nbsp;
Binance’s entry into this vibrant market is timely. The company’s enhanced compliance measures are expected to contribute significantly to the Indian crypto ecosystem.
&nbsp;
In February, Binance&nbsp;<a style="text-decoration:none" href="https://bsc.news/post/india-to-block-9-crypto-exchanges-websites-including-binance" rel="noopener noreferrer nofollow">received</a> a compliance show cause notice from the Indian Financial Intelligence Unit (FIU) under Section 13 of the Prevention of Money Laundering Act, 2002 (PMLA). Following this, several international crypto platforms, including Binance, faced restrictions on major app stores like Google Play and Apple app Store.

Binance Resumes Full Operations in India After Securing FIU Registration and Paying $2.25M Fine

Table of Contents

BSCN

Other articles published on Aug 22, 2024

BNB Surges for Third Consecutive Week

Solana Memecoin Trump Loves Elon (TRUMPELO) to Skyrocket 15,000% Before Exchange Listing, As BONK...

Only 3% of traders on Pump.Fun have made more than $1000

Bitcoin's Parabolic Rally: Looming Bull Run or Market Trap?

Ethereum Transactions On The Rise, Low Gas Fee Not A worry: What to Expect?

How Sahil Arora Netted $3M with Celeb Token Pump-and-Dump Schemes

Join our free newsletter for daily crypto updates!