Binance, the world’s leading cryptocurrency exchange, has re-entered the Indian market after a seven-month suspension. The suspension was imposed by Indian authorities due to concerns about the exchange operating without proper authorization.
The exchange announced on Thursday that it has now registered as a reporting entity with India’s Financial Intelligence Unit (FIU), a government body responsible for monitoring financial activities to prevent illegal activities such as money laundering and terrorism financing.
Late last year, India blocked nearly a dozen international cryptocurrency exchanges, including Binance, Kraken, Kucoin, and Mexc, following FIU’s directive. The FIU had mandated that foreign exchanges register locally to adhere to India’s anti-money laundering and counter-terrorism financing laws. This move came after local cryptocurrency exchanges raised concerns with the Indian Ministry of Finance, arguing that non-compliant foreign exchanges were undercutting their business.
With Binance’s registration now complete, the exchange’s website and mobile applications have resumed operations in India. The company celebrated this development as its 19th major regulatory achievement.
Richard Teng, Binance’s CEO, expressed the significance of this compliance in a statement, saying, “Our registration with FIU-IND marks a critical step in Binance’s expansion. By aligning with Indian regulations, we can better serve our Indian users and contribute to the growth of India’s digital asset market. We’re excited to be part of this dynamic market and support its ongoing evolution.”
