Binance Registers as Reporting Entity with India’s Financial Intelligence Unit
Binance registers with India’s Financial Intelligence Unit, allowing full access for Indian users. CEO Richard Teng emphasizes the importance of compliance and the Indian market’s potential.
India, Bollywood Fever: Binance, the global cryptocurrency exchange, has officially registered as a reporting entity with India’s Financial Intelligence Unit (FIU-IND), granting Indian users full access to its platform.
This move marks Binance’s 19th regulatory milestone globally and underscores the company’s commitment to compliance and anti-money laundering (AML) standards.
Announcing the registration on social media platform X, Binance stated, “Binance goes live in India. Binance is now registered as a reporting entity with India’s Financial Intelligence Unit … Our website and app are now fully available for Indian users.
Binance CEO Richard Teng highlighted the significance of this development, noting the potential of the Indian virtual digital asset (VDA) market. “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,” Teng said.
He further emphasized Binance’s commitment to fostering a secure, transparent, and efficient environment.
The full suite of Binance services is now accessible to Indian users, reflecting the company’s strategic expansion into the rapidly growing Indian digital asset market.
This launch comes after Binance faced regulatory challenges in India, including a $2.25 million fine from the FIU-IND for non-compliance with AML regulations and an $87 million GST bill in August for non-compliance with tax regulations.
Binance’s registration with the FIU-IND demonstrates its dedication to compliance and its strategic focus on expanding its presence in key global markets like India.
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