Binance Re-enters Indian Market After Regulatory Compliance Breakthrough

After a seven-month pause due to regulatory challenges, Binance, the leading global cryptocurrency exchange, has re-entered the Indian market, marking a significant development in the country's rapidly evolving virtual digital asset (VDA) sector.

Binance has now registered as a reporting entity with India's Financial Intelligence Unit (FIU), a key governmental body responsible for monitoring and analyzing financial transactions. This registration is a crucial step in ensuring the exchange’s operations align with Indian financial regulations.

The resumption of Binance's services in India follows a government directive last year that led to the suspension of nearly a dozen foreign cryptocurrency exchanges, including Binance, due to concerns raised by domestic crypto platforms. These local entities had argued that noncompliant foreign exchanges were negatively impacting their business by operating outside the regulatory framework.

With its website and mobile applications now operational again in India, Binance has taken a significant stride towards fortifying its presence in the country. This move also represents the 19th regulatory achievement for the exchange, underscoring its commitment to compliance across various jurisdictions.

Richard Teng, CEO of Binance, emphasized the importance of this development, stating, "Our registration with the FIU-IND is a crucial step in our journey. By aligning with Indian regulations, we can better serve the unique needs of the Indian market, which holds immense potential. We are excited to contribute to the ongoing growth and innovation within India’s VDA space."