Crypto exchange Binance is resuming its services in India after complying with the country’s registration requirements.
Late last year, India blocked Binance along with nearly a dozen foreign crypto exchanges for failing to register as a reporting entity with the Financial Intelligence Unit (FIU), as required by the country’s anti-money laundering law.
In June, the FIU also imposed a $2.25 million fine on the world’s largest crypto exchange for violating local regulations.
On Thursday, after a months-long hiatus, Binance said its website and application are now available to its users in India. The announcement comes after the exchange registered as a reporting entity with the FIU in May.
“The registration with the FIU underlines Binance’s commitment to compliance with anti-money laundering (AML) standards in India and every other jurisdiction in which it operates. This move is a testament to Binance’s commitment to fostering a secure, transparent and efficient ecosystem, aligned with the company’s global standards.”
According to the Global Crypto Adoption Index 2023 by market intelligence platform Chainalysis, India is the global leader in grassroots crypto adoption. The country is also among the top five countries in terms of estimated transaction volume on crypto exchanges, lending protocols and token smart contracts.
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