Binance, the largest cryptocurrency exchange globally, has achieved registration with India’s Financial Intelligence Unit (FIU-IND) just months after incurring a $2.2 million fine for offering services in the country without proper authorization. This registration marks Binance’s 19th globally, enabling full access to its website and app for users in India, as announced on Thursday.
The process of gaining registration began in May, shortly after Binance faced a ban under India’s Prevention of Money Laundering Act (PMLA), alongside eight other exchanges. The company received provisional approval contingent upon settling a fine for delivering services to Indian clients without complying with local anti-money laundering regulations. The amount of the fine was established in June.
In a statement, Binance emphasized its commitment to maintaining anti-money laundering (AML) standards and creating a secure, transparent, and efficient ecosystem.
Alongside Binance, KuCoin also resolved its issues with FIU-IND by paying a fine of $41,000. Binance has been navigating regulatory disputes with financial authorities in major economies around the world. Last year, the company settled criminal charges in the U.S., resulting in a payment of $4.3 billion for violations of sanctions and money-transmitting laws. As part of this settlement, founder Changpeng “CZ” Zhao resigned as CEO and received a four-month prison sentence in April.
The company expressed that its dedication to stringent regulations is a core aspect of its business strategy, aimed at fostering a secure, transparent, and efficient environment for its users.
