Cryptocurrency exchange Binance has registered with India’s Financial Intelligence Unit to comply with the country’s anti-money laundering standards.
Binance said on Thursday, August 15, that it has completed its registration with India’s intelligence agency as a reporting entity, marking its 19th regulatory milestone globally. Blog Announcement.
The exchange said the registration underscores its commitment to adhering to anti-money laundering standards as well as fostering a “transparent and efficient ecosystem.” With the latest development, Binance is approaching its 20th registration worldwide, which CEO Richard Teng described as “an important milestone in Binance’s journey.”
“Recognizing the vibrancy and potential of the Indian virtual asset market, this compliance with Indian regulations allows us to tailor our services to meet the needs of Indian users.”
Richard Ting
Following the registration, Binance resumed operations in India after a seven-month ban by local authorities for operating without proper registration. The ban also affected other cryptocurrency exchanges such as KuCoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC, and others, which were similarly required to register locally to comply with India’s AML/CFT regulations.
In early August, Binance received a letter from the Indian tax enforcement agency to pay around $86 million in goods and services tax. The DGGI, an agency under the Indian Finance Ministry that combats tax evasion, reportedly claims that Binance is liable to pay GST because it has collected fees from Indian citizens using its platform. The cryptocurrency exchange has also reportedly failed to register for GST.
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