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Crypto exchange Binance announced on Aug. 15 that it has registered as a “reporting entity” with India’s virtual digital assets monitoring agency Financial Intelligence Unit (FIU-IND), which marks its “19th regulatory milestone globally.”

To get approval from FIU-IND, Binance had to ensure that it aligned itself with the local registration requirements. The crypto exchange also claimed that it will enhance its compliance program which includes anti-money laundering (AML) policies and a framework for combating the financing of terrorism (CFT). 

Binance’s CEO Richard Teng, commenting about the latest registration milestone, said:

“Recognizing the vitality and potential of the Indian VDA market, this alignment with Indian regulations allows us to tailor our services to the needs of Indian users. It is a privilege to extend the reach of our cutting-edge platform to this thriving market, supporting India’s continued VDA evolution.”

Binance has also promised that it will have a Financial Crimes Compliance (FCC) unit designed to assist law enforcement in investigating crypto-related crimes. 

Back on 28 December, 2023, the FIU IND blocked the URLs of nine virtual digital assets service providers for “operating illegally without complying with the provisions of the PML Act [Section 13 of the Prevention of Money Laundering Act, 2002] in India.” 

Binance, KuCoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex were the nine crypto exchanges whose websites were blocked.  On June 19, Binance also received an order from the FIU-IND to pay approximately $2.25 million in penalties for violating the PML Act.  

After receiving the approval from FIU-IND, Indian investors can now access Binance’s website as well as its app.