Crypto exchange Binance achieves legal status in India, registers with financial intelligence unit

Binance, one of the world’s biggest cryptocurrency exchanges, has officially registered with India’s Financial Intelligence Unit (FIU-IND). This registration is significant because it allows Binance to operate legally in India by complying with local regulations, specifically anti-money laundering (AML) rules.

Late last year, India’s Financial Intelligence Unit cracked down on several global cryptocurrency exchanges, including Binance, for operating in India without following local laws. These platforms were accused of not complying with India’s AML regulations, which are crucial for preventing illegal activities like money laundering. As a result, the FIU had asked the government to block access to these exchanges' websites in India.

What Binance’s registration means
With this new registration, Binance can now fully operate in India. Indian users have full access to Binance’s services, including its website and app. Binance’s CEO, Richard Teng, said that this move shows Binance’s dedication to growing responsibly in India while making sure it follows all local regulations.

Strengthening security and compliance
Binance is not just focusing on expanding its services but also on making sure they are safe and secure for users. The company has strong systems in place to verify users' identities and prevent illegal activities, like money laundering and terrorism financing. These efforts are part of Binance’s broader commitment to providing a secure and transparent environment for its users worldwide.

Richard Teng, CEO of Binance, remarked on this development, saying, “Our registration with the FIU-IND marks an important milestone in Binance’s journey. Recognizing the vitality and potential of the Indian VDA market, this alignment with Indian regulations allows us to tailor our services to the needs of Indian users. It is a privilege to extend the reach of our cutting-edge platform to this thriving market, supporting India’s continued VDA evolution.”

India’s role in cryptocurrency
India is rapidly becoming one of the biggest markets for cryptocurrency. Binance’s decision to comply with Indian regulations and fully enter the market is expected to raise the standards for the entire industry in the country.