Binance announced its registration as a reporting entity with India’s Financial Intelligence Unit (FIU-IND), marking its 19th regulatory milestone globally. The company complies with anti-money laundering standards in India and other operating jurisdictions.
According to Binance, the company has extended its platform access to Indian users, providing a full suite of services. With registration with India’s FIU, the company aims to promote secure and transparent operations.
India ranks among the top five globally in crypto adoption, according to Chainalysis' 2023 index. Binance is entering this market by adhering to local registration requirements and implementing a comprehensive compliance program with anti-money laundering and counter-terrorism financing measures, including strong identity verification and a Financial Crimes Compliance unit to support law enforcement and enhance user protection.
According to Binance, Richard Teng, CEO of Binance, said, "Our registration with the FIU-IND marks an important milestone in Binance’s journey. 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 operates as a major global blockchain platform, featuring the largest digital asset exchange by trading volume. The company offers a wide range of financial products and services and is known for its comprehensive ecosystem, which includes educational resources, research, charitable initiatives, and an NFT marketplace. Binance supports users around the clock in 40 languages and prioritizes security and regulatory compliance to protect its users and contribute to the growth of the blockchain industry. In 2022, the platform saw significant activity, with an average daily trading volume of $65 billion and 300 billion spot transactions.