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Binance Secures Registration With India’s Financial Intelligence Unit Following $2,200,000 Fine in June

August 16, 2024

Crypto exchange Binance is resuming its services in India after complying with the nation’s registration requirements.

Late last year, India blocked Binance along with nearly a dozen foreign crypto exchanges for failing to register as a reporting entity with the Financial Intelligence Unit (FIU) as required by the country’s anti-money laundering law.

In June, the FIU also imposed a fine of $2.25 million on the world’s largest crypto exchange for violating local regulations.

On Thursday, following months of hiatus, Binance says its website and application are now available to its users in India. The announcement comes after the exchange registered as a reporting entity with the FIU in May.

“The registration with the FIU underscores Binance’s commitment to compliance with anti-money laundering (AML) standards in India as well as any other jurisdiction it operates in. This step is a testament to Binance’s dedication to fostering a secure, transparent, and efficient ecosystem, aligning with the company’s global standards.”

According to the 2023 Global Crypto Adoption Index from market intelligence platform Chainalysis, India is the world’s leader in grassroots crypto adoption. The country is also among the top five countries in terms of estimated transaction volume across crypto exchanges, lending protocols and token smart contracts.

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