Binance re-enters India after settling $2.25 million penalty with FIU
Quick Take
- Binance announced today that its website and app are now fully available for Indian users.
- One Binance spokesperson told The Block that the exchange has paid the $2.25 million penalty previously imposed by Indian regulators.
Binance has registered as a “reporting entity” with India’s Financial Intelligence Unit, indicating that the world’s largest crypto exchange is now allowed to operate in India after being blocked there since January.
In a blog post released today, Binance said that its website and app are fully available for Indian users. “The registration with the FIU underscores Binance’s commitment to compliance with anti-money laundering standards in India as well as any other jurisdiction it operates in,” the exchange said.
“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,” Richard Teng, CEO of Binance, said in the post.
Binance’s re-entry into India comes after the Indian regulator blocked nine crypto websites in January for illegal operations without proper compliance with local regulations.
In June, the FIU officially ordered Binance to pay 188.2 million Indian Rupees ($2.25 million) in penalties for violating the rules under the country’s Prevention of Money Laundering Act. The FIU said at the time that it had sent specific directions to Binance to ensure diligent compliance with the country’s anti-money laundry laws.
“We can confirm the penalty has been paid,” a Binance spokesperson told The Block today.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
