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Binance Completes Registration With India's Financial Intelligence Unit Months After Being Fined
The registration was provisionally approved in May, subject to the crypto exchange paying a fine of about $2.2 million.
Updated Aug 15, 2024, 9:08 a.m. Published Aug 15, 2024, 9:05 a.m.
- The registration, Binance's 19th worldwide, means its website and app are fully available to users in India.
- Binance has been settling disputes with financial regulators in the world's largest economies.
Binance, the world's largest cryptocurrency exchange, completed registration with India's Financial Intelligence Unit (FIU-IND) just months after it was fined $2.2 million for providing services in the country without authorization.
The registration, Binance's 19th worldwide, means its website and app are fully available to users in India, according to an announcement on Thursday.
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The road to registration commenced in May, only a few months after Binance was banned under the country's Prevention of Money Laundering Act (PMLA) along with eight other exchanges. It was granted provision approval, subject to paying a fine for providing services to Indian clients without adhering to the country's anti-money laundering rules. The size of the fine was determined in June.
"This registration underscores Binance’s commitment to adhering to anti-money laundering (AML) standards and fostering a secure, transparent, and efficient ecosystem," the company said in the statement.
Among the other banned entities, KuCoin similarly paid a penalty to clear its slate with FIU-IND. KuCoin's fine amounted to $41,000.
Binance has been settling disputes with financial regulators in the world's largest economies. It paid $4.3 billion in the U.S. last year to settle criminal charges of breaking sanctions and money-transmitting laws. As part of the settlement, founder Changpeng "CZ" Zhao stepped down as CEO and was sentenced to four months in prison in April.
“Our commitment to stringent regulation forms a fundamental part of our business strategy. It's about fostering a secure, transparent, and efficient environment," CEO Richard Teng said in the statement.
Read More: Binance Challenges $86M Indian Tax Showcause Notice: Source
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