Binance, a prominent cryptocurrency exchange, has officially registered as a reporting entity with India’s Financial Intelligence Unit (FIU-IND). Richard Teng, Binance’s CEO, underscored the significance of the Indian market, while reiterating the company’s commitment to offering secure and efficient services. With this crucial registration, Indian users now have full access to Binance’s services.
Binance’s Full Availability to Indian Users
On Thursday, Binance made a significant announcement regarding its entry into the Indian market. By registering with FIU-IND, Binance reached its 19th global regulatory milestone. This development was shared via social media platform X (formerly Twitter), where Binance declared its readiness to cater to Indian users:
Binance is now live in India. We are officially registered as a reporting entity with the Financial Intelligence Unit of India (FIU-IND). Indian users can now fully access our website and app.
This step demonstrates Binance’s focus on adhering to anti-money laundering (AML) standards, reflecting the exchange’s ongoing dedication to ensuring compliance across the various jurisdictions in which it operates.
CEO Richard Teng emphasized the significance of this achievement for Binance’s global operations, calling it a critical milestone. He acknowledged the importance of the Indian market for virtual digital assets (VDAs) and highlighted that compliance with Indian regulations is a vital part of customizing the company’s services to meet the needs of Indian users. Teng added, “We are excited to bring our platform’s advanced features to India, contributing to the evolving VDA landscape in the country.”
#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
Commitment to Regulation and Security
Teng also elaborated on the company’s commitment to regulation as a key aspect of Binance’s business strategy. He emphasized that this dedication goes beyond business needs, aiming to create a secure, transparent, and efficient environment for users. By complying with stringent regulatory standards, Binance hopes to build trust and foster sustainable growth in the industry.
Indian users now have access to the full range of Binance services, signaling the exchange’s strategic push into one of the world’s rapidly expanding digital asset markets. This expansion aligns with the company’s global strategy to establish a strong presence in major digital markets, especially in regions with growing demand for virtual asset services.
Binance’s Compliance Efforts in India
Binance’s launch in India comes in the wake of regulatory challenges. Earlier, the Financial Intelligence Unit of India imposed a fine of $2.25 million on the crypto exchange for non-compliance with anti-money laundering rules. Furthermore, in August, Binance was issued a goods and services tax (GST) bill amounting to $87 million, resulting from non-compliance with India’s tax laws.
These developments highlight Binance’s ongoing efforts to align with India’s regulatory environment and emphasize the company’s commitment to addressing any compliance issues. Despite these hurdles, Binance has successfully resumed its operations and has now made its full platform available to Indian users.
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