Binance Returns to India After $2.25M FIU Settlement

August 15, 2024

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Binance, the world’s largest cryptocurrency exchange, has made a notable move to reclaim market coverage. In a significant stride, Binance has been listed as a “reporting entity” with the Financial Intelligence Unit, FIU of India. The listing signals Binance’s re-entry into the country after suspending its activities in January of this year.

Binance Overcomes Regulatory Hurdles

According to a post, Binance Exchange stated that its website and apps have again become operational and available to users in India. In January, following the ban by FIU, Google Play Store blocked Binance on its platform in compliance with the regulatory authorities. Similarly, upon the FIU notice, Apple’s App Store in India also restricted access to the applications and prevented new users from downloading them.

Richard Teng, Binance CEO, said it became necessary to conform to the Indian regulatory authority given the potential of the Indian market. “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,” he stated.

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Re-Entry Signals Regulatory Compliance

It has become evident that Binance will also comply with the anti-money laundering standards in India. In recent times, following several regulatory challenges and legal battles, the exchange, under the leadership of Teng, has primarily avoided disagreements with regulatory bodies in its jurisdictions.

When Binance’s activities were suspended in January, other notable crypto sites, including OKX, KuCoin, and others, were also blocked. With its re-entry, analysts say the world’s largest crypto exchange will witness a surge in its user base.

Binance Pays a Hefty Fine

Notably, in June, while negotiations were ongoing, there was a report that Binance needed to pay a fine of about $2.25 million for not complying with the regulatory authorities as part of its re-entry strategy.

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According to the exchange’s spokesperson, the fine has been paid hence the relisting on India’s FIU.

Meanwhile, as previously reported by TheCoinRise, Indian law enforcement recently levied a substantial tax demand of $86 million against Binance. The Directorate General of Goods and Services Tax Intelligence (DGGI) issued the levy.