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Binance, the world’s largest cryptocurrency exchange, has resumed operations for users in India after a seven-month hiatus imposed by local authorities for alleged illegal operations in the country.
The exchange said Thursday it has registered as a reporting entity with India’s Financial Intelligence Unit (FIU), a government agency tasked with scrutinizing financial transactions.
India had banned nearly a dozen foreign crypto exchange services late last year at the recommendation of the FIU. FIU’s move followed a group of local crypto exchanges complaining to the Finance Ministry that they were losing business to noncompliant foreign crypto exchanges.
The company’s website and mobile apps have gone live in India. In a statement, Binance said compliance with the Indian authority marks the 19th regulatory milestone for Binance.
“Our registration with the FIU-IND marks an important milestone in Binance’s journey,” said Richard Teng, CEO of Binance, in a statement.
“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. It is a privilege to extend the reach of our cutting-edge platform to this thriving market, supporting India’s continued VDA evolution.”
More to follow.
