Binance Completes Registration With India’s Financial Intelligence Unit Months After Being Fined

Binance, the world’s largest cryptocurrency exchange, completed registration with India’s Financial Intelligence Unit (FIU-IND) just months after it was fined $2.2 million for providing services in the country without authorization.
The registration, Binance’s 19th worldwide, means its website and app are fully available to users in India, according to an announcement on Thursday.
The road to registration commenced in May, only a few months after Binance was banned under the country’s Prevention of Money Laundering Act (PMLA) along with eight other exchanges. It was granted provision approval, subject to paying a fine for providing services to Indian clients without adhering to the country’s anti-money laundering rules. The size of the fine was determined in June.
“This registration underscores Binance’s commitment to adhering to anti-money laundering (AML) standards and fostering a secure, transparent, and efficient ecosystem,” the company said in the statement.
Among the other banned entities, KuCoin similarly paid a penalty to clear its slate with FIU-IND. KuCoin’s fine amounted to $41,000.
Binance has been settling disputes with financial regulators in the world’s largest economies. It paid $4.3 billion in the U.S. last year to settle criminal charges of breaking sanctions and money-transmitting laws. As part of the settlement, founder Changpeng “CZ” Zhao stepped down as CEO and was sentenced to four months in prison in April.
“Our commitment to stringent regulation forms a fundamental part of our business strategy. It’s about fostering a secure, transparent, and efficient environment,” CEO Richard Teng said in the statement.
Read More: Binance Challenges $86M Indian Tax Showcause Notice: Source
Edited by Sheldon Reback.

Disclosure
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.
Jamie Crawley is a CoinDesk news reporter based in London.