Binance, the world’s largest cryptocurrency exchange, has successfully registered with India’s Financial Intelligence Unit (FIU-IND). This milestone comes just months after the exchange was fined $2.2 million for providing services in India without proper authorization.
Road to Compliance
The registration marks Binance’s 19th global registration, allowing its website and app to be fully accessible to Indian users. The process began in May, shortly after Binance was banned under India’s Prevention of Money Laundering Act (PMLA), alongside eight other exchanges. The exchange was provisionally approved for registration on the condition that it paid a penalty for violating the country’s anti-money laundering regulations. The fine was finalized in June, clearing the path for Binance to operate legally in India.
Commitment to AML Standards
Binance emphasized that this registration reflects its dedication to complying with anti-money laundering (AML) standards and fostering a secure and transparent ecosystem. “This registration underscores Binance’s commitment to adhering to AML standards and fostering a secure, transparent, and efficient ecosystem,” the company stated.
KuCoin, another exchange that faced similar challenges in India, also paid a penalty to settle its case with FIU-IND, though its fine was significantly lower at $41,000.
Settling Global Disputes
Binance’s efforts to resolve disputes with financial regulators extend beyond India. Last year, the exchange paid $4.3 billion in the U.S. to settle criminal charges related to sanctions violations and money-transmitting laws. As part of this settlement, Binance’s founder Changpeng “CZ” Zhao stepped down as CEO and received a four-month prison sentence in April.
“Our commitment to stringent regulation forms a fundamental part of our business strategy. It’s about fostering a secure, transparent, and efficient environment,” said CEO Richard Teng.
