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Binance’s return to the Indian market follows a show-cause notice from the finance ministry for alleged non-compliance with domestic AML laws
Global cryptocurrency exchange Binance has officially resumed its operations in India following a six-month hiatus and regulatory compliance efforts. On Thursday, Binance registered as a reporting entity with the Financial Intelligence Unit India (FIU-IND), marking a significant step toward aligning with the country’s anti-money laundering (AML) regulations.
Binance’s return to the Indian market follows a show-cause notice from the finance ministry for alleged non-compliance with domestic AML laws. The FIU had previously fined Binance Rs 18.82 crore for these violations in June. In December of the previous year, the Indian finance ministry issued notices to several offshore virtual digital asset (VDA) service providers, including Binance, urging them to comply with local regulations or face further action. In a statement, Binance emphasized its commitment to adhering to Indian regulations and integrating robust AML and counter-financing of terrorism (CFT) measures. Binance acknowledged the significance and potential of the Indian VDA market, stating that aligning with local regulations would enable the company to customize its services for Indian users and expand its platform’s reach.
The registration comes amid security concerns in the crypto space, highlighted by a recent breach at rival exchange WazirX, which resulted in a theft of over $230 million. Experts advise users to thoroughly review terms of use when engaging with unregulated sectors like cryptocurrencies. Binance’s re-entry into the Indian market reflects its dedication to regulatory compliance and positions it to support the evolving VDA landscape in India.
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