From August 15, 2024, the world’s largest crypto exchange Binance has made grand returns in India as its website and app will go live after a ban of almost half a year due to not registering with the Financial Intelligence Unit of India (FIU-IND).
Binance returns to India after seven months, the website and app go live
Binance Exchange announced this on August 15 and said that this is its 19th global regulatory milestone and that it is committed to complying with anti-money laundering (AML) standards in India as well as any other jurisdiction it operates in.
After a hiatus of seven months, the Binance crypto exchange has been returned or re-included on India’s Google Play Store and Apple App Store since mid-August, signaling a new chapter for crypto investors in the region.
According to the information, as of April, there were reports that Binance intends to pay a fine of $2.25 million for its previous non-compliance. However, it confirmed its registration with FIU-IND but did not declare whether the fine was paid or not.
.Richard Teng, CEO of Binance, said, “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 to the needs of Indian users. It is a privilege to extend the reach of our cutting-edge platform to this thriving market, supporting India’s continued VDA evolution.”
Moreover, Binance in its statement highlighted that “India leads the world in grassroots crypto adoption, according to Chainalysis’ 2023 Global Crypto Adoption Index.”
Binance Exchange
The world’s biggest cryptoasset marketplace, Binance for crypto users by trading volume. Reportedly trusted by 169 million investors worldwide, the platform allows you to buy, sell, and hold over 350 crypto assets. Crypto assets include Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Notcoin (NOT), and Pepe (PEPE), which have some of the lowest trading fees in the market.
