Binance, a virtual digital assets (VDA) infrastructure provider, has registered as a reporting entity with India’s Financial Intelligence Unit (FIU-IND). This marks Binance’s 19th global regulatory milestone.
India Ranks High Globally
The registration highlights Binance’s focus on complying with anti-money laundering (AML) standards in India and internationally.
According to Chainalysis’ 2023 Global Crypto Adoption Index, India ranks among the top five countries in terms of estimated transaction volume across various crypto platforms. This reflects the significant growth and potential of the Indian market.
Binance's compliance program includes stringent AML policies and a comprehensive framework for combating the financing of terrorism (CFT). The company aims to enhance market standards and user protection in India by implementing these frameworks.
Richard Teng, CEO of Binance, remarked on this development, saying: “Our registration with the FIU-IND marks an important milestone in Binance’s journey. Recognizing the vitality and potential of the Indian VDA market, this alignment with Indian regulations allows us to tailor our services for Indian users.”
#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
Meanwhile, Venezuela’s government has imposed restrictions on several websites, including Binance, as reported by Finance Magnates. Users in Venezuela have experienced difficulties accessing Binance, which the company has confirmed, noting that various websites, including social media, are facing similar restrictions.
Expanding Indian Access
In addition to AML and CFT measures, Binance’s compliance program features robust identity verification processes (know your customer, or KYC) and a Financial Crimes Compliance unit. This unit supports law enforcement in investigating VDA-related crimes and contributes to the overall security of the ecosystem.
With this registration, Binance’s website and application are now fully accessible to Indian users, offering a range of services and tools tailored to their needs.
This article was written by Tareq Sikder at www.financemagnates.com.
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