Crypto exchange Binance has registered with India’s Financial Intelligence Unit to comply with AML standards in the country.
Binance has completed its registration with India‘s intelligence as a reporting entity, marking its 19th regulatory milestone globally, the exchange said on Thursday, Aug. 15, in a blog announcement.
The trading platform said the registration underscores its commitment to adhering to anti-money laundering standards as well as fostering a “transparent and efficient ecosystem.” With the latest developments, Binance is nearing its 20th registration around the globe, which its chief executive Richard Teng has labeled as an “important milestone in Binance’s journey.”
“Recognizing the vitality and potential of the Indian VDA [virtual digital asset] market, this alignment with Indian regulations allows us to tailor our services to the needs of Indian users.”
Richard Teng
Following the registration, Binance has resumed operations in India after a seven-month ban by local authorities for operating without proper registration. The ban also affected other crypto exchanges like KuCoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC, among others, which were similarly required to register locally to adhere to India’s AML and counter-terrorism financing regulations.
In early August, Binance received a show-cause letter from India’s tax enforcement agency to pay around $86 million as goods and services tax. Per reports, the DGGI, an agency operating under India’s Ministry of Finance to combat tax evasion, alleges that Binance is liable to pay GST as it had collected fees from Indian nationals using its platform. The crypto exchange also reportedly failed to register under the GST framework.
