- Binance resumes operations in India after a seven-month ban, now getting legal and operational in India under FIU-IND.
- The regulatory milestone achieved with FIU-IND marks its 19th global regulatory milestone, enhancing Binance’s legal standing.
- India, a top market in crypto transaction volume, is crucial to Binance’s global strategy.
After a seven-month ban due to regulatory issues, Binance has successfully resumed operations in India, marking an achievement with local financial regulations. The world’s leading cryptocurrency exchange has regained its ability to service provision in the Indian market as a fully registered entity under the Financial Intelligence Unit of India (FIU-IND).
Regulatory Compliance Achieved
Binance’s return to the Indian market follows its addressing of previous non-compliance issues that led to its initial ban. In January, the FIU-IND restricted access to Binance and several other cryptocurrency platforms for failing to adhere to local regulatory standards.
By registering with FIU-IND, Binance has met the legal requirements to operate within India, including new control measures against money laundering and illegal financing.
On August 15, Binance made its platforms accessible again to Indian users via its website and mobile applications on both Android and iOS. This strategic move was confirmed in a blog post and X Space, where Binance highlighted its commitment to aligning with Indian regulations and tailoring its services to serve the local market better.
Community Reaction
The announcement has sparked positive comments among many people in the crypto community. Perianne, a crypto advocate, reacted to Richard Teng’s post on the X platform and expressed herself after Binance’s recent move towards the Indian market.
This registration marks Binance’s reestablishment in India and represents its 19th global regulatory milestone. India is recognized as one of the top five countries in transaction volume across all crypto ecosystems, underscoring this market’s importance in Binance’s global strategy. The exchange recently secured a virtual asset service provider (VASP) license in Dubai, further expanding its regulated footprint.
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