KEY FACT: Binance has made a renewed entry to the Indian market after a seven-month suspension due to non-compliance with local regulations. The Binance's website and mobile apps has become available for Indian users after the company registered with India's Financial Intelligence Unit (FIU-IND). This registration will allow Binance to operate legally in India and it's their commitment to adher to the anti-money laundering (AML) and counter-terrorism financing (CFT) regulations of India.
Image source: Binance
Binance Relaunches in India After Securing FIU Registration
Binance, one of the world's leading cryptocurrency exchanges, has re-entered the Indian market after a seven-month suspension. The crypto giant was suspended due to non-compliance with local regulations, concerning anti-money laundering (AML) and counter-terrorism financing (CFT) laws of India. On August 15, Binance announced its reactivation of service to it's Indian clients and return to the Indian crypto market. Binance's return is an aftermath of its successful registration with India's Financial Intelligence Unit (FIU-IND). With this, Binance now operates legally in the country. The announcement on X platform read thus in part:
#Binance goes live in India 🇮🇳
Binance is now registered as a reporting entity with India's Financial Intelligence Unit, marking our 19th global regulatory milestone!
Our website and app are now fully available for Indian users. - Source
India has posed stringent regulatory policies towards cryptocurrency. Before now, Binance failed to meet these regulatory requirements which resulted in its initial suspension. The Indian authorities were increasingly concerned about potential risks of crypto activities related to money laundering and terrorism financing. In response, Binance has aligned itself with India's regulatory framework and is ready to serve it's customers in thr indian geographical environment.
Binance has registered with FIU-IND, the agency that is responsible for enforcing AML and CFT regulations in India. This registration shows Binance's commitment to complying with local laws and this is a pointer to make out room for wider crypto adoption across several contexts.
Binance's CEO, Richard Teng has emphasized the significance of this reactivation of the exchange for Indian users. With his background in regulatory compliance, Teng highlighted that this achievement marks Binance's 19th regulatory registration globally. He further expressed the company's readiness to work closely with regulators worldwide.
Without a doubt, the Indian crypto market is one of the largest in the world, with millions of active users. Binance's re-entry into this market will serve as example for more international exchanges to find ways to also comply with local laws and regulations, thereby legitimizing their operations.
India is not yet done with it's crypto regulatory agenda. Presently, the Indian government is contemplating the introduction of a comprehensive crypto regulation bill, which could set the stage for more formalized oversight of the industry. Binance's ability to operate within this regulatory framework could set a precedent for other international exchanges looking to enter or re-enter the Indian market.
Binance's re-launch in India is expected to have a positive impact on the local crypto community and the broader crypto markets. Indian users can now have access to the exchange's wide range of services, including spot trading, futures trading, staking, etc.
Do you think Binance's successful registration with India's FIU-IND and its subsequent re-entry into the Indian impact the crypto markets significantly?
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