Binance CEO Richard Teng said that Binance's regulatory approval in India demonstrates the company's commitment to collaborating with regulators globally to advance crypto adoption. Teng shared his statement during a virtual "ask me anything," and Binance published his remarks on September 18.
"We are very proud to have successfully secured our 19th global regulatory approval in India," said Teng, according to Binance. "This registration recognizes and underscores Binance's commitment to working with global regulators in terms of supporting crypto adoption throughout the world. India is a vibrant market, ranking among the top five globally in terms of estimated transaction volume across both centralized and decentralized exchanges. Securing this approval highlights our utmost dedication to providing the most reliable platform for our users all around the world, and underscores the importance of collaborating with the local community, and policymakers to foster the development of a Web3 ecosystem in India."
According to a post on the company's website, Binance became registered as a reporting entity with India’s Financial Intelligence Unit (FIU-IND) in August. "The registration with the FIU underscores Binance’s commitment to compliance with anti-money laundering (AML) standards in India as well as any other jurisdiction it operates in," Binance said in the post. "This step is a testament to Binance’s dedication to fostering a secure, transparent, and efficient ecosystem, aligning with the company’s global standards."
Binance CEO Richard Teng
| X/_RichardTeng
In addition to India, Binance is licensed and registered in multiple jurisdictions, including France, Italy, Spain, Sweden, Australia, Japan, New Zealand, and South Africa.
India has the largest number of crypto users in the world at 93 million, according to Visual Capitalist. In Asia, Vietnam has the largest percentage of crypto users at 21.2% of the population or 21 million people.
Teng joined Binance in August 2021. He previously served as CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM), chief regulatory officer of the Singapore Exchange (SGX), and director of corporate finance at the Monetary Authority of Singapore. He became CEO of the company in November 2023.