The biggest crypto exchange in the world now registered with Financial Intelligence Unit of India and has gained a status of legality in India.
This registration is significant as it allows Binance to operate legally in India by complying with the local regulations, specifically AML rules and regulations.
Last year, FIU took decisive action on global crypto exchanges, including Binance, as these were operating without compliances required by Indian Government and regulatory bodies.
FIU recommended the Government to take strict action against these non-compliant exchanges and restrict access to these platforms in India, to ensure the compliances by these exchanges if they want to operate in India.
Now Binance website and app can be used in India, as earlier its access was restricted. Binance CEO, Richard Teng, emphasized that this registration is a testament to the company’s dedication to responsible growth in India.
