- Binance has resumed its operations in India after a seven-month ban due to noncompliance with local regulations.
- Biinance has registered with India’s FIU-IND to follow anti-money laundering and counter-terrorism financing rules.
Binance, one of the world’s largest cryptocurrency exchanges, is back on the Google Play Store and Apple App Store in India after a seven-month ban imposed by local authorities for operating “illegally” in the country. This comes after the exchange fulfilled its compliance requirements by registering with India’s Financial Intelligence Unit (FIU-IND), a necessary step for adherence to anti-money laundering (AML) regulations.
On August 15, the crypto exchange announced that the registration with FIU-IND marks a significant milestone for Binance, being its 19th global regulatory achievement. This will strengthen Binance’s operations in India, a major market that ranks among the top five globally for transaction volume across various crypto platforms.
By meeting compliance criteria, Binance will enforce anti-money laundering and counter-terrorism financing measures in India. This aligns with India’s broader push to regulate the crypto industry more strictly, following the blocking of several foreign exchanges last year.
Regulatory Challenges and Penalties Faced by Binance in India
Here’s a quick rundown of what happened: At the end of last year, India blocked several foreign crypto exchanges. This included Binance, Kraken, and KuCoin, because they hadn’t registered with the local authorities. The FIU-IND, responsible for overseeing financial activities, had taken these actions to enforce compliance.
In particular, Binance had been banned from operating in India because it didn’t follow local rules aimed at preventing financial crimes like money laundering. Also, the crypto exchange intends to pay a $2.25 million fine imposed by the FIU for noncompliance. This is part of its plan to re-enter the Indian market. Additionally, Binance faces an $86 million demand from India’s Directorate General of Goods and Services Tax Intelligence for GST non-compliance.
While Binance has registered with the Indian government agency, it has not been confirmed by the officials whether it has paid the previously imposed penalty. However, reports suggest that Binance has paid off the $2.5 million fine.
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