Binance Registers as Reporting Entity in India

Binance has registered as a “reporting entity” with India’s Financial Intelligence Unit (FIU), allowing the world’s largest crypto exchange to operate in India after being blocked since January.

In a blog post released today, Binance announced that its website and app are now fully accessible for Indian users. The exchange emphasized that the registration with the FIU highlights its commitment to complying with anti-money laundering standards in India and other jurisdictions.

Richard Teng, CEO of Binance, remarked on the importance of the Indian Virtual Digital Assets (VDA) market, stating, “This alignment with Indian regulations allows us to tailor our services to the needs of Indian users.”

Binance’s return to India follows the Indian regulator’s decision to block nine crypto websites in January for illegal operations due to non-compliance with local regulations.

In June, the FIU ordered Binance to pay 188.2 million Indian Rupees ($2.25 million) in penalties for violating the Prevention of Money Laundering Act. At that time, the FIU had instructed Binance to ensure compliance with the country’s anti-money laundering laws.

A Binance spokesperson confirmed to The Block today, “We can confirm the penalty has been paid.”