Binance Resumes India Operations After Securing FIU Registration Post $2.2M Fine

Binance resumes services in India after registering with the Financial Intelligence Unit, following a $2.2M fine for non-compliance with anti-money laundering regulations.

Binance, the world’s largest cryptocurrency exchange, has resumed its services in India after complying with the country’s registration requirements. Last year, India blocked Binance and several other foreign crypto exchanges for failing to register as reporting entities with the Financial Intelligence Unit (FIU), as mandated by the nation’s anti-money laundering (AML) laws. In June, Binance was fined $2.25 million for these violations.

However, on Thursday, Binance announced that its website and application are now accessible to Indian users, following its registration with the FIU in May. This step marks Binance’s commitment to adhering to AML standards in India and other jurisdictions where it operates. The company emphasized that this registration is a testament to its dedication to maintaining a secure, transparent, and efficient ecosystem that aligns with global standards.

India, recognized as the global leader in grassroots crypto adoption according to the 2023 Global Crypto Adoption Index by Chainalysis, also ranks among the top five countries in terms of transaction volume across crypto exchanges, lending protocols, and token smart contracts. With Binance now fully compliant, it is poised to further strengthen its position in this rapidly growing market.

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