Binance reappears on Indian app stores after securing key FIU-IND registration Binance reappears on Indian app stores after securing key FIU-IND registration
Binance noted that India has a huge population of thriving crypto enthusiasts.
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Updated: Aug. 15, 2024 at 11:01 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Binance has scored a new regulatory milestone by registering with India’s Financial Intelligence Unit (FIU-IND), according to an Aug. 15 statement shared with CryptoSlate.
This registration expands Binance’s compliance to 19 jurisdictions, the highest number for any crypto trading platform. The exchange views these registrations as evidence of its commitment to anti-money laundering (AML) standards and creating a secure, transparent, and efficient trading environment.
Binance CEO Richard Teng highlighted the importance of this registration with the Indian market, stating that this regulatory alignment allows the company to better serve Indian users.
He added:
“Our commitment to stringent regulation forms a fundamental part of our business strategy. It’s about fostering a secure, transparent, and efficient environment.”
Chainalysis data ranks India among the top five countries for crypto adoption. The country has a substantial transaction volume across centralized and decentralized exchanges, lending protocols, and token smart contracts.
Return to the app store
Following the registrations with the authorities, Binance announced that its website and applications are now fully operational for Indian users.
Already, several Indian crypto enthusiasts have confirmed on social media platform X that Binance’s application has reappeared on India’s Google Play Store and Apple App Store after a seven-month hiatus.
In January, India’s financial regulator blocked Binance’s website and mobile apps, along with those of eight other crypto exchanges, due to non-compliance with local laws. By June, reports later emerged that FIU imposed a $2.2 million fine on Binance for non-compliance with the country’s AML regulations.
It was unclear if the firm had paid this fine before relaunching its services in the Asian country.
Meanwhile, Binance continues to face significant tax challenges in India. Earlier in the month, CryptoSlate reported that the Directorate General of Goods and Service Tax Intelligence (DGGI) had demanded 722 crore Indian rupees ($86 million) from the firm for overdue Goods and Services Tax (GST).
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
Richard Teng, a veteran in the financial services and regulatory sectors, boasts over three decades of extensive experience.