Crypto exchange Binance has resumed operations in India. It was blocked when it failed to register with India's FIU. Binance has been successfully registered in compliance with AML rules.
Binance, the world's largest crypto exchange, has resumed operations in India seven months after it was blocked by local authorities when it failed to register.
India said it would block Binance and eight other offshore crypto exchanges in December, News reported. In March, India said crypto exchanges must comply with anti-money laundering regulations and register with the Financial Intelligence Unit, which monitors suspicious activities.
Binance has now successfully registered as a reporting entity with India's FIU, the exchange said in a statement Posting on its website.
“Our registration with FIU-IND marks an important milestone in Binance's journey,” said company CEO Richard Teng. “Recognizing the strength and potential of the Indian … market, this alignment with Indian norms allows us to tailor our services to the needs of Indian consumers.”
The registration with the FIU underscores Binance's commitment to adhere to anti-money laundering standards in India, as well as in any other jurisdiction where it operates, the posting added.
India is a world leader in grassroots crypto adoption Chinalysis 2023 Global Crypto Adoption Index. The country ranks in the top five by estimated transaction volume across centralized and decentralized exchanges, lending protocols and token smart contracts, highlighting the dynamism and potential of its market.
Binance's website and applications are now fully available to Indian users, giving them access to a comprehensive suite of services and tools tailored to their needs, the company said.
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