Key Takeaways
- Binance has officially registered as a reporting entity with India’s financial regulators.
- The exchange has resumed services in the market in compliance with local regulations.
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Binance has officially resumed services in India after registering as a reporting entity with India’s Financial Intelligence Unit (FIU-IND), said the company in a Thursday blog announcement. The development marks Binance’s 19th global regulatory milestone.
Before this registration, the world’s leading crypto exchange was penalized by the FIU-IND for failing to comply with statutory obligations. In June, the FIU fined Binance $2.25 million for not adhering to the Prevention of Money Laundering Act’s requirements, including record-keeping and reporting suspicious activities.
With the registration, Binance’s website and app are now accessible to Indian users, offering a full range of services. The firm said the move highlights Binance’s…
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