Key Takeaways:
- Binance returns to the Indian market by registering with FIU-IND for legal compliance.
- The registration with FIU-IND marks Binance’s 19th global regulatory milestone
Binance, one of the world’s leading cryptocurrency exchanges, has made a triumphant return to the Indian market after a seven-month hiatus. As of August 15, Binance’s website and mobile apps are once again accessible on the Google Play Store and Apple App Store in India.
This significant development follows Binance’s registration as a reporting entity with India’s Financial Intelligence Unit (FIU-IND), a critical requirement for legal operations of crypto exchanges in the country.
This registration not only marks Binance’s 19th global regulatory achievement but also coincides with India’s 78th Independence Day, making it a moment of dual celebration for both Binance and the Indian crypto community.
Richard Teng, CEO of Binance, expressed his excitement about this milestone in a press release, stating, “Our registration with the FIU-IND marks an important milestone in Binance’s journey.
Recognizing the vitality and potential of the Indian VDA market, this alignment with Indian regulations allows us to tailor our services for Indian users.”
Binance’s re-entry into India follows a $2.25 million settlement with Indian financial authorities. In June, the FIU had ordered Binance to pay 188.2 million Indian Rupees ($2.25 million) in penalties for violating the country’s Prevention of Money Laundering Act.
The FIU also issued specific directives to Binance to ensure full compliance with India’s stringent anti-money laundering laws.
India’s crypto market is one of the fastest-growing globally, with revenue projected to reach $6.6 billion by the end of 2024, according to Statista.
This growth is expected to continue at an annual rate of 2.4% next year. Moreover, the number of crypto users in India is expected to climb to 107.3 million by the end of 2025, driven by a growing appetite for new financial inclusion opportunities.
India’s prominence in the global crypto landscape is further highlighted by its high ranking on Chainalysis’ 2023 Global Crypto Adoption Index, where the country stood among the top five nations in transaction volume across various platforms.
This vibrant market underscores the strategic importance of Binance’s return, positioning the exchange to tap into one of the largest and most dynamic crypto markets in the world.
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With Binance back in the game, the Indian crypto community is set to benefit from renewed access to a wide range of services, paving the way for further innovation and growth in the sector.
