Crypto giant Binance has re-emerged on Indian app stores after a seven-month hiatus. The exchange announced its return, revealing successful registration with India’s Financial Intelligence Unit (FIU).
The move marks Binance’s 19th global regulatory milestone and highlights its commitment to anti-money laundering standards in India. CEO Richard Teng emphasized the importance of this development, noting the vibrancy and potential of the Indian virtual digital asset (VDA) market.
India’s crypto landscape is ripe with opportunity. The country leads in grassroots crypto adoption, ranking in the top five for estimated transaction volume across various platforms, according to Chainalysis’ 2023 Global Crypto Adoption Index.
Binance compliance program aims to elevate market standards
Binance aims to leverage its world-class compliance program in India, including robust anti-money laundering policies and a framework to combat terrorism financing. The exchange hopes to elevate market standards and strengthen user protections in the local ecosystem.
Key components of Binance’s compliance strategy include rigorous identity verification processes. Additionally, a Financial Crimes Compliance unit is designed to assist law enforcement in investigating crypto-related crimes.
Additionally, Teng emphasized that stringent regulation is actually part of Binance’s business strategy. It would develop a safe, transparent, and efficient environment for its users. Binance’s return to India’s app marketplaces marks a new chapter in one of the most promising crypto markets globally.
However, by doing this, the exchange seeks a balance between compliance, user safety, and responsible growth while contributing to the responsible global evolution of digital assets.
This move comes during the hard times for Binance, which has been facing regulatory scrutiny in different geographical areas. The exchange’s endeavor on the Indian subcontinent to align with laws shows its acclimatization and commitment to abide by the rules.
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