Binance, the world's largest cryptocurrency exchange by trading volume, has resumed operations in India following a seven-month suspension due to regulatory issues.
Indian users can now access Binance's website and mobile apps after the Financial Intelligence Unit (FIU-IND) blocked the websites and apps of Binance and eight other cryptocurrency exchanges earlier this year due to their failure to register with the agency.
On August 15, Binance announced that it had registered as a reporting entity with the FIU-IND.
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In April, rumors surfaced that Binance planned to pay a $2 million fine imposed by the FIU-IND for its previous noncompliance and return to the Indian market. While Binance has now registered with Indian authorities, the exchange has not confirmed whether it paid the fine.
As part of its registration, Binance will implement strict Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) policies in India.
Speaking on Binance's return to India, CEO Richard Teng emphasized the importance of the Indian market, stating:
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. It is a privilege to extend the reach of our cutting-edge platform to this thriving market, supporting India’s continued VDA evolution.
Before its re-entry into the Indian market, Binance secured a Virtual Asset Service Provider (VASP) license in Dubai in April. This license was granted after co-founder Changpeng Zhao gave up his voting power in the exchange's local entity.
Binance's return to the Indian market underscores the exchange's commitment to operating within the framework of local regulations and supporting a safe environment for crypto trading in one of the world's largest markets.
