The crypto exchange Binance has resurfaced in India’s Google Play Store and Apple App Store after being suspended for seven months for violating local laws.
After registering with the FIU-IND, Binance made its 19th worldwide regulatory milestone and returned to India.
For cryptocurrency investors in India, Binance’s website and iOS and Android apps were accessible on August 15. In an interview, they stated that it had complied with the regulatory requirement for all cryptocurrency exchanges operating in India to prevent money laundering by registering as a reporting organization with the Financial Intelligence Unit (FIU-IND).
Due to Noncompliance, India Banned Binance.
The mobile apps and website URLs of Binance and eight other cryptocurrency exchanges that neglected to register with law authorities were blocked in January by the Federal Bureau of Investigation-Criminal Division (FIU-IND), a government body tasked with gathering intelligence on financial offenses.
In April, an unverified rumor surfaced that Binance intended to return to India and pay the $2.25 million fine assessed by the FIU for noncompliance. Although it registered with the Indian government body, the exchange did not clarify if it was required to pay the fine for noncompliance that had been previously assessed.
Regarding their warmly welcome return to India, CEO Richard Teng stated:
“Recognizing the vitality and potential of the Indian virtual digital asset market, this alignment with Indian regulations allows us to tailor our services for Indian users.”
Binance Registers with the Indian Government.
India is among the top five countries in the world for anticipated transaction volume across all cryptocurrency ecosystems, which heralded the registration as its “19th global regulatory milestone.”
Anti-money laundering (AML) regulations will be enforced which will create a framework to counter the financing of terrorism (CFT) in the Indian market by registering with the Indian government. Teng also mentioned:
“Our commitment to stringent regulation forms a fundamental part of our business strategy. It’s about fostering a secure, transparent, and efficient environment.”
Binance won Dubai’s cryptocurrency license in April before traveling to India.
According to a Bloomberg article, they obtained its Virtual Asset Service Provider (VASP) license following the abdication of his vote rights by co-founder Changpeng Zhao in the exchange’s local organization.