After paying a $2.25 million fine earlier in the year, crypto exchange Binance has registered as a reporting company with India’s Financial Intelligence Unit (FIU).
As an “important milestone” for the exchange, the registration enables Binance CEO Richard Teng to customize its services for users in India. The exchange’s dedication to strict regulation is demonstrated by the fact that its website and app are now completely accessible to Indian users.
In December 2023, the Financial Intelligence Unit accused Binance and eight other cryptocurrency exchanges of operating illegally by not registering with the FIU and abiding by the anti-money laundering (AML) and anti-terrorist funding legislation of the nation.
As a result, Binance and the other exchanges were banned from India. The FIU penalized Binance 188.2 million rupees ($2.25 million) in June for violating the Prevention of Money Laundering Act’s (“statutory obligations”).
The FIU approved Binance and KuCoin, two other cryptocurrency exchanges, in May, provided the company paid its fee.
