Key Points
- Binance is registered as a reporting entity with India’s Financial Intelligence Unit.
- This is the exchange’s 19th regulatory milestone globally.
Binance has just announced that it is live in India and the exchange’s website and app are fully available for Indian users.
In an official announcement, Binance revealed that it has successfully registered as a reporting entity with India’s Financial Intelligence Unit (FIU). This achievement is Binance’s 19th global regulatory milestone.
FIU registration highlights Binance’s commitment to compliance with anti-money laundering standards in India and other jurisdictions.
With this step, Binance shows dedication to fostering a secure, transparent, and efficient ecosystem aligned with its global standards.
The exchange’s CEO, Richard Teng, highlighted the importance of the achievement and said that this FIU-IND registration is an important milestone for Binance’s journey.
He addressed the vitality and potential of the Indian market, saying that aligning with regulations in India allows them to tailor their services to the needs of local users.
Opportunities for the Indian Industry
In its official announcement, Binance highlighted that India is a leader in crypto adoption, according to Chainalysis’ 2023 Global Crypto Adoption Index.
The country is ranked first in the top 5 by estimated transaction volume across CEXs and DEXs, lending protocols, and token smart contracts, an achievement that highlights the potential of the Indian market.
Binance aligns itself with local registration requirements, and it brings to India its world-compliance program which includes the following:
- Robust anti-money laundering policies and controls
- Comprehensive framework for combating terrorism financing
- Robust identify verification or KYC processes
- An Industry-leading Financial Crimes Compliance unit to assist law enforcement in investigating crypto crimes
By implementing these strategies in the Indian market, Binance hopes to elevate its standards and contribute to the overall local ecosystem, ensuring strong user protection.
Richard Teng also highlighted the importance of Binance’s commitment to strongest regulation which is fundamental in their business strategy.
Binance‘s compliance strategy aims to foster a secure, transparent, and efficient environment, fostering the global evolution of digital assets.
