Binance, the world’s largest cryptocurrency exchange, is poised to re-enter the Indian market. The company has announced its registration as a reporting entity with India’s Financial Intelligence Unit (FIU), adhering to the country’s stringent regulatory standards.
In a press release, Binance highlighted that this registration reflects its commitment to anti-money laundering (AML) compliance in India and other jurisdictions where it operates. The move is part of Binance’s broader effort to maintain a secure, transparent, and efficient ecosystem aligned with its global practices.
Removal from Play Store and Penalty: Earlier in January, Google had removed Binance and other crypto apps from the Play Store in India due to allegations of unauthorized operations. It was later revealed that several offshore exchanges, including Binance, were not registered with FIU-IND and were non-compliant with the Prevention of Money Laundering Act (PMLA), 2002. As a result, the Indian government mandated the blocking of these exchanges’ URLs in January.
In June 2024, the Financial Intelligence Unit (FIU) fined Binance Rs 18.82 crore ($2.25 million) for breaching India’s anti-money laundering regulations. A notification from FIU-IND confirmed that the charges against Binance were substantiated after reviewing their written and oral submissions. The notification also directed Binance to adhere to the PMLA 2002 and its associated rules for maintaining transaction records and combating money laundering and terrorism financing.
