Binance has announced that it has successfully registered as a reporting company with India’s Financial Intelligence Unit (FIU). This accomplishment represents Binance’s 19th worldwide regulatory milestone. Binance’s registration with the FIU demonstrates the company’s commitment to anti-money laundering (AML) compliance in India and other jurisdictions where it operates. This action demonstrates Binance’s commitment to creating a safe, transparent, and efficient environment that aligns with the company’s worldwide standards.
According to the firm’s report, Binance CEO Richard Teng commented on the news, stating,
“Our registration with the FIU-IND is a major milestone in Binance’s journey. Recognizing the vibrancy and potential of the Indian VDA industry, our compliance with Indian rules enables us to customize our services to the demands of Indian users. It is an honor to expand the reach of our cutting-edge platform to this vibrant market and assist India’s continuing VDA progress.”
Huge opportunities for everyone
India tops the globe in grassroots cryptocurrency adoption, according to Chainalysis’ 2023 Global Crypto Adoption Index. The nation rated in the top five in terms of expected transaction volume for centralized and decentralized exchanges, lending protocols, and token smart contracts. This demonstrates the liveliness and vast potential of the Indian market.
As Binance enters this exciting market, it pledges to not only comply with local registration requirements, but will also bring its world-class compliance program, which includes robust anti-money laundering (AML) policies and controls as well as a comprehensive framework for combating terrorist financing (CFT).
