Full access for local users

By Crypto Gloom On Aug 19, 2024

The popular cryptocurrency exchange Binance has officially registered as a reporting entity with the Financial Intelligence Unit of India (FIU-IND). Binance CEO Richard Teng emphasized the importance of the Indian market and reiterated the company’s commitment to providing safe and efficient services. With this important registration, Indian users now have full access to Binance’s services.

Full Availability for Indian Users on Binance

On Thursday, Binance made a major announcement regarding its entry into the Indian market. By registering with FIU-IND, Binance has reached its 19th global regulatory milestone. The development was shared via social media platform X (formerly Twitter), where Binance declared that it is ready to target Indian users.

Binance is now live in India. We have officially registered as a reporting entity with the Financial Intelligence Unit of India (FIU-IND). Indian users can now fully access our website and apps.

This step demonstrates Binance’s focus on complying with Anti-Money Laundering (AML) standards, demonstrating that the exchange is continuously working to comply with regulations in the various jurisdictions in which it operates.

CEO Richard Teng highlighted the importance of this achievement to Binance’s global operations, calling it a significant milestone. He acknowledged the importance of the Indian market for virtual digital assets (VDAs) and stressed that complying with Indian regulations is a key part of tailoring the company’s services to meet the needs of Indian users. “We are excited to bring advanced features of our platform to India and contribute to the evolving VDA landscape in India,” Teng added.

#Binance Live from India 🇮🇳

Binance is now registered as a reporting entity with the Financial Intelligence Unit of India, marking Binance’s 19th global regulatory milestone!

Our website and app are now officially available for users in India.

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, a key aspect of Binance’s business strategy. He emphasized that this commitment goes beyond business needs and aims to create a safe, transparent, and efficient environment for users. Binance hopes to build trust and promote sustainable growth in the industry by adhering to strict regulatory standards.

Indian users can now access the full range of Binance services, signaling the exchange’s strategic foray into one of the world’s fastest-growing digital asset markets. This expansion is consistent with the company’s global strategy to build a strong presence in key digital markets, particularly in regions where demand for virtual asset services is growing.

Binance’s Compliance Efforts in India

Binance’s launch in India was due to regulatory issues. Previously, the Indian Financial Intelligence Unit had fined the cryptocurrency exchange $2.25 million for non-compliance with anti-money laundering regulations. In addition, in August, Binance was hit with an $87 million Goods and Services Tax (GST) bill for non-compliance with Indian tax laws.

These developments underscore Binance’s continued efforts to adapt to the Indian regulatory environment and the company’s commitment to addressing all regulatory compliance issues. Despite these obstacles, Binance has successfully resumed operations and is now offering its full platform to users in India.

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