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Binance Obtains Registration With Indian Financial Intelligence Unit

Simon Osuji by Simon Osuji
May 10, 2024
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Binance Obtains Registration With Indian Financial Intelligence Unit
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Binance, the world’s largest cryptocurrency exchange by volume, has registered with the Indian Financial Intelligence Unit (FIU) after the region banned the platform and over nine others in December 2023. Rival crypto exchange KuCoin has also registered with the FIU paying a fine of $41,000. KuCoin was also among the list of platform banned by the Indian government in December last year.

JUST IN: 🇮🇳 #Binance obtains registration with India’s Financial Intelligence Unit.

— Watcher.Guru (@WatcherGuru) May 10, 2024

Also Read: Binance: DOJ Recommends 3-Year Sentence for CZ’s Violations

The development marks the first time offshore crypto entities have been approved by India’s anti-money laundering unit. While KuCoin paid $41,000 in fines, it still unclear the amount paid by Binance.

When will Binance resume operations in India?

BinanceBinance
Source – Binance

While the exchange has obtained a registration with the Financial Intelligence Unit, it has yet to receive a verdict from its ongoing hearing. Furthermore, the world’s largest exchange will likely face a hefty fine before resuming its services in the nation.

Also Read: Philippines SEC Orders Apple & Google To Remove Binance

According to a statement, ‘Binance is registered but the compliance proceedings are not completed. Furthermore, ‘the amount of penalty has to be decided by me and that hearing is still going on.‘

Also Read: Binance CEO Alleges Nigerian Officials Sought Secret Settlement

Binance, KuCoin and several other prominent crypto platform were sent notices by the Financial Intelligence Unit last year. According to authorities, the entities did not follow anti-money laundering laws. The FIU had stated, ‘several offshore entities though catering to a substantial part of Indian users were not getting registered and coming under the Anti Money Laundering (AML) and Counter Financing of Terrorism (CFT) framework.‘

Nonetheless, Binance reentering the Indian market would be a positive development for the company. India is one of the biggest crypto markets in the world, with one of the largest number of crypto users.

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