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Binance, the world’s largest cryptocurrency exchange, has been reestablished on India’s Google Play Store and Apple App Store after a seven-month ban was imposed by a local authority claiming it operated “illegally” in the country.
Binance told CoinTelegraph on Thursday (15 August) that it had registered with India’s Financial Intelligence Unit (FIU) as a reporting entity.
Last year, India blocked almost a dozen foreign crypto exchange services at the recommendation of the FIU.
Following the bans, the FIU said all foreign exchanges needed to register locally to make sure they comply with India’s counter financing of terrorism and anti-money laundering framework.
The move from the FIU came after a group of local crypto exchanged complained that they were losing out on business due to noncompliant offshore crypto exchanges.
“Our registration with the FIU-IND marks an important milestone in Binance’s journey,” said Richard Teng, CEO of Binance, in a statement.
“Recognising 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,” he added. “It is a privilege to extend the reach of our cutting-edge platform to this thriving market, supporting India’s continued VDA evolution.”
In recent years, the Reserve Bank of India has seeked to distance itself from crypto firms. At the same time, the Indian government’s tough tax policies have lowered local enthusiasm for digital assets.
Coinbase, the largest crypto exchange in the US in terms of volume, halted signups in India in 2023 after claiming it had faced informal pressure from India’s central bank.
These hurdles have rapidly slowed down the growth of cryptocurrency in India.
Binance founder sentenced to four months in prison
Binance’s founder, Changpeng Zhao, was sentenced in May to four months in prison after pleading guilty in 2023 to charges of failing to operate a responsible anti-money laundering program.
The sentence was significantly lighter than the three years prosecutors had originally argued for.
Zhao, who is also known as CZ, told the judge that he deeply regretted his choices as CEO.
“Words cannot explain how deeply I regret my choices that result in me being before the Court,” he said in a letter to the judge. “Rest assured that it will never happen again.”
The crypto exchange agreed to pay over $4bn in fines and other charges as part of a settlement with the US government in 2023.
Binance admitted to engaging in anti-money laundering activities and unlicensed money transmitting.
“Binance resumes services in India after seven-month regulatory ban” was originally created and published by Verdict, a GlobalData owned brand.
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