Binance returns to India following a $2.25 million fine settlement with the FIU
According to The Block, Binance declared today that Indian customers can now access its website and app in its entirety.
The Block was informed by a Binance representative that the exchange has settled the $2.25 million fine that Indian regulators had previously levied.
The largest cryptocurrency exchange in the world, Binance, has been able to function in India after being prohibited there since January. This is because it has registered as a “reporting entity” with the Financial Intelligence Unit of India.
Binance announced today that its website and app are fully operational in a blog post for users in India. “The registration with the FIU underscores Binance’s commitment to compliance with anti-money laundering standards in India as well as any other jurisdiction it operates in,” the exchange stated.
Richard Teng, CEO of Binance, stated in the post, “This alignment with Indian regulations allows us to tailor our services to the needs of Indian users, recognising the vitality and potential of the Indian VDA market.”
Following the Indian regulator’s January blocking of nine cryptocurrency websites for operating illegally without appropriate compliance with local legislation, Binance has made a comeback into the Indian market.
The FIU formally mandated in June that Binance pay million Indian Rupees ($2.25 million) in fines for breaking the Prevention of Money Laundering Act of the nation. At the time, the FBI stated that it had given Binance explicit instructions to make sure the nation’s anti-money laundering regulations were strictly followed.
“We can verify that the fine has been settled,” a representative for Binance informed The Block this morning.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
X : cryptomantr