Summary:
- Official Registration: Binance has registered as a reporting entity with India’s Financial Intelligence Unit (FIU-IND), enabling the exchange to resume operations in the country.
- Regulatory Compliance: The registration comes after Binance received a show-cause notice from India’s finance ministry and was fined Rs 18.82 crore for non-compliance with anti-money laundering regulations.
- Company Statement: Binance confirmed its commitment to adhering to India’s registration requirements as part of its global compliance strategy.
Binance, one of the world’s largest cryptocurrency exchanges, has officially registered as a reporting entity with India’s Financial Intelligence Unit (FIU-IND), signaling its readiness to resume operations in the Indian market. This registration follows a show-cause notice issued over six months ago by the Indian finance ministry, citing Binance for non-compliance with the country’s anti-money laundering (AML) laws.
In June, Binance was fined Rs 18.82 crore for operating in India without adhering to domestic AML regulations. The exchange has now aligned itself with the necessary registration requirements, underscoring its commitment to regulatory compliance.
By taking this step, Binance aims to solidify its presence in India, a key market in the global cryptocurrency landscape. The move also highlights the company’s broader strategy to ensure compliance with varying regulatory frameworks across different regions.
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