The world’s largest crypto exchange has once again returned to India. Once again its website and app have gone live. Earlier, it was banned for 7 months due to lack of registration with the Financial Intelligence Unit in India (FIU-IND). Now Binance announced today on 15 August that it has touched its 19th global regulatory milestone. The crypto exchange said that it is committed to complying with the laws related to anti-money laundering in India or any other country.
This is why Indian business is important for Binance
Binance CEO Richard Teng said that after registering with FIU-IND, Binance’s journey in India has started once again and this registration is an important milestone. Binance says that according to Chainanalysis’ 2023 Global Crypto Adoption Index, there is a lot of potential for crypto growth here. It is among the top 5 countries in the world in terms of transaction volume through centralized and de-centralized exchanges. From this, one can guess how much potential there is for the growth of the crypto market here.
This is the whole matter
In December 2023 last year, nine offshore exchanges including KuCoin, Binance, OKX and Hobi were found not registered under FIU-IND. Apart from this, they were also not found in accordance with the provisions of Prevention of Money Laundering (PMLA), 2002. Due to this, the government ordered to block the URLs of these exchanges in India in January. Even their apps were removed from Apple and Google’s app stores. On June 19 this year, FIU-IND imposed a fine of ₹ 18.82 crore on Binance for not complying with local anti-money laundering laws. It is not yet known whether Binance has paid the fine or not. Earlier, rival KuCoin paid a fine of ₹ 34.5 lakh and resumed its business. It re-entered India in March while OKX decided to shut down its services in India from April 30.