Key Takeaways:
- Binance has registered with India’s Financial Intelligence Unit, enabling legal operations in the country after paying a $2.2 million fine for past non-compliance.
- The registration follows a broader strategy to address global regulatory issues, including a $4.3 billion settlement in the U.S. for sanctions violations.
- CEO Richard Teng stressed the importance of adhering to strict regulatory standards as part of Binance’s business strategy.
Binance, the world’s largest cryptocurrency exchange, has registered with India’s Financial Intelligence Unit (FIU-IND), allowing its platform to operate legally in the country.
This comes after Binance paid a $2.2 million fine for operating without proper authorization, a penalty linked to India’s Prevention of Money Laundering Act (PMLA).
#Binance goes live in India 🇮🇳
— Binance (@binance) August 15, 2024
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
The registration process began in May 2024, following a ban on Binance and eight other exchanges.
Binance emphasized its commitment to anti-money laundering (AML) standards and regulatory compliance.
Breaking 🚨 🚨
— Wise Advice (@wiseadvicesumit) August 15, 2024
Binance is now available on the App Store and Play Store in India 🇮🇳
Two days ago, the #Binance URL was unblocked, and now the app is back.
This is good for the Indian #Crypto community. pic.twitter.com/k0Qu5p0drZ
This registration is part of Binance’s broader strategy to resolve global regulatory challenges, including a significant $4.3 billion settlement in the U.S. last year for sanctions violations, which led to the resignation and imprisonment of founder Changpeng “CZ” Zhao.
Binance’s CEO, Richard Teng, highlighted the importance of strict regulation in their business strategy.
About The Author
Efe Bravo, a seasoned journalist, delivers compelling insights into the cryptocurrency and blockchain industry.
His articles offer a deep dive into the latest trends, projects, and technological advancements shaping the future of digital finance.
Check Efe out on:
