Binance returns to India after paying $2.25 million fine

Binance, the world’s largest cryptocurrency exchange by trading volume, has resumed legal operations in India. The exchange has registered as a “reporting entity” with the country’s Financial Intelligence Unit (FIU).

Now, after being blocked by the Indian government in January this year, Binance has its website and app fully available to users in the country.

In an official statement, Binance highlighted that the FIU registration reaffirms the company’s commitment to strictly comply with anti-money laundering standards in India and all jurisdictions where it operates.

As Binance CEO Richard Teng pointed out, the company recognizes the great potential of the Indian digital asset market. And, by aligning with local regulations, it is prepared to adapt its services to the needs of users in the country.

“Our commitment to rigorous regulation is a fundamental part of our business strategy. It is about promoting a safe, transparent and efficient environment,” he highlighted.

Binance is back in India

Binance’s return to the Indian market comes after the government blocked nine cryptocurrency websites in January, accusing them of operating illegally without complying with local regulations. Additionally, in June, the FIU imposed a fine of 188.2 million Indian rupees (about $2.25 million) on Binance for violating rules set forth in the country’s Prevention of Money Laundering Act.

At the time, the agency had issued specific guidelines to ensure that the exchange strictly followed anti-money laundering laws in India.

Binance has confirmed that it has paid the fine. It has also indicated its intention to maintain operations in compliance with local and international regulations. The company has reinforced that it is committed to transparency and compliance with the law in all regions where it operates, especially in a market as promising as India.

According to data from Chainalysis, India is among the top five countries for cryptocurrency adoption. The country has a substantial volume of transactions across centralized and decentralized exchanges, lending protocols, and token smart contracts.

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