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