Cryptocurrency exchange Binance has registered as a “reporting entity” with India’s Financial Intelligence Unit (FIU) and has resumed operations in the country.
#Binance goes live in India ??
Binance is now registered as a reporting entity with India’s Financial Intelligence Unit, marking our 19th global regulatory milestone!
Our website and app are now fully available for Indian users.
Read more ?https://t.co/samyDmwwut
— Binance (@binance) August 15, 2024
According to the platform’s statement, the website and app are fully accessible to Indian users.
“Registration with the FIU underscores Binance’s commitment to adhering to anti-money laundering standards in India, as well as in any other jurisdiction where it operates,” noted Binance.
The exchange’s return to the Indian market followed the January regulatory blockade of nine cryptocurrency platforms for unregistered activities without compliance with established norms. Among them were Binance, KuCoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex.
In May, it was revealed that the largest cryptocurrency exchange by trading volume had begun the registration process with the FIU. Approximately a month later, the agency set the fine for the platform at 188.2 million rupees (~$2.2 million).
“Recognizing the viability and potential of the Indian virtual digital assets market, compliance allows us to tailor services to the needs of local users,” commented Binance CEO Richard Teng.
He described the registration with the FIU as an “important milestone” for the platform, marking its 19th agreement with regulators worldwide.
“We can confirm that the fine has been settled,” a Binance representative told The Block.
Binance to Pay $1.76 Million to Brazilian Regulator
The platform will pay 9.6 million reais (~$1.76 million) to Brazil’s Securities and Exchange Commission (CVM) as compensation for unlicensed derivative trading services.
In April 2023, the agency initiated an investigation into B Fintech Serviços de Tecnologia, a company registered by Binance founder Changpeng Zhao.
The CVM suspected that through the firm, the exchange continued to provide access to derivative crypto products on Binance Futures after a direct ban in 2020. The administrative case opened at that time threatened the platform with a daily fine of 1,000 reais (~$188).
In August, the regulator rejected Binance’s offer to settle the claims for 2 million reais (~$370,000).
On February 15, 2024, a new offer emerged, in which “the applicant committed to pay the CVM 9.6 million reais,” according to the agency’s statement.
In 2023, the Australian Securities and Investments Commission launched an investigation into Binance regarding derivative trading following the cancellation of its license.