19/08/24

ASIA: Binance Makes a Comeback in India as a Registered Crypto Exchange After Seven Months

As published on: digitalmarketreports.com, Monday 19 August, 2024. 

After a seven-month hiatus, Binance has made a notable return to India’s digital landscape. The crypto exchange has been reinstated on India’s Google Play Store and Apple App Store as of August 15, signaling a new chapter for crypto investors in the region. This reentry comes after Binance fulfilled local regulatory requirements, crucial for operating legally within the country.

Registration with India’s Financial Intelligence Unit
Binance’s recent compliance involves registration with India’s Financial Intelligence Unit (FIU-IND), a necessary step for all crypto exchanges operating in the country to combat money laundering. The FIU-IND, tasked with monitoring financial offenses, had previously blocked Binance along with eight other crypto exchanges for failing to register.

By April, there were reports that Binance intended to settle a $2.25 million fine for its previous noncompliance. However, while the exchange confirmed its registration with FIU-IND, it did not disclose whether the penalty was paid.

Richard Teng, CEO of Binance, expressed enthusiasm about the exchange’s return, emphasizing the strategic importance of aligning with Indian regulations to better serve the local market. Teng noted, “This alignment with Indian regulations allows us to tailor our services for Indian users, recognizing the vitality and potential of the Indian virtual digital asset market.”

Global Regulatory Milestones
Binance announced its registration in India as its “19th global regulatory milestone,” highlighting India as a top-five country in terms of transaction volume across crypto ecosystems. This registration signifies Binance’s commitment to implementing Anti-Money Laundering (AML) policies and frameworks for Combating the Financing of Terrorism (CFT) in India.

Teng elaborated on the company’s broader commitment to stringent regulation: “Our commitment to stringent regulation forms a fundamental part of our business strategy. It’s about fostering a secure, transparent, and efficient environment.” This reflects Binance’s global strategy to ensure compliance in varied regulatory landscapes.

Prior to its comeback in India, Binance secured a crypto license in Dubai in April, which followed significant structural changes within the company. According to a Bloomberg report, co-founder Changpeng Zhao relinquished his voting power in the local entity to meet regulatory requirements, underscoring the exchange’s adaptability in global financial markets.

Country	Regulatory Status	Key Compliance Measures
India	Registered with FIU-IND	AML policies, CFT frameworks
Dubai	Received VASP license	Structural changes in governance
U.S.	Ongoing compliance efforts	Adhering to SEC guidelines
Japan	Received license in 2021	Adherence to Japan FSA regulations

Binance’s reentry into the Indian market not only marks a significant step in its global compliance journey but also highlights the dynamic nature of regulatory landscapes in the cryptocurrency domain. By aligning with local regulations, Binance aims to secure a stable footing in one of the world’s most vibrant digital asset markets, fostering a secure and efficient environment for its users.

Tags

Binance India Crypto Exchange Blockchain Asia-Pacific