After paying a $2.25 million fine and being banned from offering its services in India, Binance, the world's largest cryptocurrency exchange, is once again accessible to Indian citizens.
Binance officially signs its return to India
Along with 8 other cryptocurrency exchange platforms, Binance was blocked in India last December. And for good reason, the country's Financial Intelligence Unit (FIU) had accused the world's largest cryptocurrency exchange platform of operating illegally.
The same reason was given by the FIU to terminate the activities of HTX, Kucoin, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global and Bitfinex.
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But last May, before paying a fine of more than $2 million, Binance announced that it had finally registered with the FIU, an essential condition for offering its crypto services in India.
Today, a few months later, Binance has made its return to India official:
#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
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Thus, the cryptocurrency exchange's website is once again accessible for Indian citizens. At the same time, its mobile application is back on the Google Play Store and the App Store in India.
” This registration underscores Binance’s commitment to adhering to anti-money laundering (AML) standards and fostering a secure, transparent and efficient ecosystem, ” the exchange noted in its blog post about the news.
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As highlighted in the same press release, a November 2023 study by Chainalysis revealed that India was the country with the highest adoption of cryptocurrencies in the worldBinance's compliance in the country could therefore prove to be anything but trivial.
Under the leadership of Richard Teng and following the departure of Changpeng Zhao, the exchange therefore seems to be making the necessary efforts to achieve its desire for global compliance. A desire that had also materialized in the payment of a colossal fine of $4.3 billion earlier this year.
Binance: the leading crypto exchange platform
Source: Official press release
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