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After being prohibited there since January, Binance has registered as a “reporting entity” with India’s Financial Intelligence Unit, therefore allowing the world’s biggest cryptocurrency exchange to function in India once more.
Binance claimed in a blog post published today that Indian consumers can fully use its website and app. “The registration with the FIU stresses Binance’s commitment to comply with anti-money laundering standards in India as well as any other jurisdiction it operates in,” the exchange added.
Richard Teng, CEO of Binance, said in the post, “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.”
Following the Indian regulator’s ban of nine crypto websites in January for illicit operations devoid of appropriate local compliance with local laws, Binance’s re-entry into India comes after
“We can confirm the penalty has been paid,” a Binance spokesman said.
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