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Binance has registered as a reporting entity with India’s Financial Intelligence Unit. Binance CEO Richard Teng emphasized the importance of the Indian market and the crypto exchange’s dedication to providing secure and efficient services. With this registration, Indian users now have full access to Binance’s platform.
Crypto exchange Binance announced on Thursday its registration as a reporting entity with India’s Financial Intelligence Unit (FIU-IND), marking its 19th regulatory milestone globally. Binance stated on social media platform X:
Binance goes live in India. Binance is now registered as a reporting entity with India’s Financial Intelligence Unit … Our website and app are now fully available for Indian users.
This registration reflects Binance’s dedication to anti-money laundering (AML) standards and its ongoing commitment to compliance across all jurisdictions, the exchange noted.
Binance CEO Richard Teng commented: “Our registration with the FIU-IND marks an important milestone in Binance’s journey. Recognizing the vitality and potential of the Indian VDA [virtual digital asset] market, this alignment with Indian regulations allows us to tailor our services to the needs of Indian users. It is a privilege to extend the reach of our cutting-edge platform to this thriving market, supporting India’s continued VDA evolution.”
Teng added:
Our commitment to stringent regulation forms a fundamental part of our business strategy. It’s about fostering a secure, transparent, and efficient environment.
Binance’s full suite of services is now accessible to Indian users, highlighting the company’s strategic expansion into the rapidly growing Indian digital asset market.
The crypto exchange’s launch in India followed a $2.25 million fine from the FIU-IND for non-compliance with anti-money laundering regulations. Moreover, Binance received a goods and services tax (GST) bill of $87 million in August for non-compliance with India’s tax regulations.
