Crypto exchange Binance has reappeared on India’s Google Play Store and Apple App Store following a seven-month ban due to noncompliance with local regulations.
On Aug. 15, Binance’s website and Android and iOS apps were made available for crypto investors in India. Speaking to Cointelegraph, Binance confirmed that it had registered as a reporting entity with India’s Financial Intelligence Unit (FIU-IND) — a legal compliance requirement for all crypto exchanges operating in India against money laundering.
India banned Binance for noncompliance
The FIU-IND, a government agency dedicated to collecting intelligence on financial offenses, had blocked the website URLs and mobile applications of Binance and eight other crypto exchanges that failed to register with law enforcement in January.
By April, an unconfirmed report had revealed Binance’s intention to pay a fine of $2.25 million imposed by the FIU for noncompliance and make a comeback in India. While Binance registered with the Indian government agency, the exchange did not confirm if it had to pay the previously imposed penalty for noncompliance.
Speaking about Binance’s well-received reentry in India, Binance CEO Richard Teng said:
“Recognizing the vitality and potential of the Indian virtual digital asset market, this alignment with Indian regulations allows us to tailor our services for Indian users.”
Binance registers wth Indian authorities
Binance announced the India registration as its “19th global regulatory milestone” and highlighted the country ranks in the top five by estimated transaction volume across all crypto ecosystems.
Related: Binance fined $2.25M by India’s Financial Intelligence Unit
By registering with the Indian government, Binance will implement Anti-Money Laundering policies and a framework for Combating the Financing of Terrorism in the Indian market. Teng added:
“Our commitment to stringent regulation forms a fundamental part of our business strategy. It’s about fostering a secure, transparent, and efficient environment.”
Prior to India, Binance bagged Dubai’s crypto license in April.
Binance received its virtual asset service provider (VASP) license after co-founder Changpeng Zhao gave up his voting power in the exchange’s local entity, according to a Bloomberg report.
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