Binance is back after successfully registering with India’s Financial Intelligence Unit (FIU-IND), an important step that lets the exchange officially work in the country. While Binance and eight other cryptocurrency exchanges were stopped in January 2024 for not registering as reporting companies, FIU-IND, the government agency in charge of keeping an eye on financial crimes like money laundering, did so.
Since it has been registered, Binance has promised to follow strict rules against money laundering (AML) and fight the funding of terrorism (CFT) in the Indian market. The exchange’s larger goal is to keep its users safe, informed, and productive, and this move fits with that target.
India has become an important market for Binance. It is one of the top five countries in the world in terms of the number of crypto transactions. This return shows how important the Indian market is to Binance’s overall plan.
Binance got a virtual asset service provider (VASP) license in Dubai in April 2024 before going back to India. This shows that it is committed to following the rules in different areas.
Binance is coming back to India at a time when the Reserve Bank of India is being cautious around cryptocurrency companies and strict tax laws have made people in India less excited about digital assets. Even with these problems, Binance’s return shows that it is determined to deal with the complicated legal environment and keep growing in important countries around the world.
