Binance Makes Grand Return To Indian Market As Registered Entity After Seven-Month Ban
By registering with India’s Financial Intelligence Unit, Binance will enforce Anti-Money Laundering guidelines and a rigorous framework for fighting the Financing of Terrorism in the cryptocurrency market in India
On Thursday, Binance’s website and app became fully available to users in India after a seven-month ban due to non-compliance with local rules.
“This registration underscores Binance’s commitment to adhering to anti-money laundering (AML) standards and fostering a secure, transparent, and efficient ecosystem,” Binance said in the blog.
By registering with India’s Financial Intelligence Unit, Binance will enforce Anti-Money Laundering guidelines and a rigorous framework for fighting the Financing of Terrorism in the cryptocurrency market in India. Binance CEO Richard Teng noted:
“Our commitment to stringent regulation forms a fundamental part of our business strategy. It’s about fostering a secure, transparent, and efficient environment.”
The registration with (FIU-IND) comes just months after Binance was slapped with a fine for offering services in the nation without permission.
Binance Previously Banned By Indian Government
In January, India’s Financial Intelligence Unit blocked the website URLs and mobile apps of Binance and eight other offshore crypto exchanges that were allegedly operating illegally by failing to both register with the agency and comply with the country’s anti-money laundering (AML) regulations.
