The approval comes weeks after the Indian DGGI asked Binance to pay a settlement of $86 million for tax evasion.
Leading crypto exchange Binance has officially registered as a reporting entity with India’s Financial Intelligence Unit (FIU), marking the firm’s 19th global regulatory milestone.
With the approval, Binance can now legally offer its suite of crypto products and services to Indian customers. This also means that users in the country can now access the Binance website and mobile application without the need of a virtual private network (VPN).
Binance Becomes Legal Entity in India
Announcing the approval, the company noted that the registration with the FIU testified to its commitment to upholding the highest standards of anti-money laundering (AML) and combating the financing of terrorism (CFT) in India and across the globe.
Richard Teng, the CEO of Binance, highlighted the importance of this achievement, stating, “Recognizing the immense potential of the Indian VDA market, aligning with Indian regulations enables us to better serve the unique needs of our users in India. We are honored to bring our advanced platform to this dynamic market, contributing to India’s ongoing VDA growth.”
The statement underscored Binance’s commitment to adapting to various regulatory landscapes, showcasing its flexibility and dedication to compliance. The exchange reaffirmed its commitment to core values like security, transparency, and efficiency,
Binance’s Rocky Path to Regulatory Compliance
The latest development comes eight months after the India’s Financial Intelligence Unit (FIU) blocked nine global cryptocurrency exchanges, including Binance and KuCoin, for violating anti-money laundering (AML) laws. As a result, their mobile apps were removed from Google Play Store and Apple App Store in the Indian region.
In April, Binance made a $2.25 million settlement with Indian authorities due to its failure to comply with country’s regulations in the past. According to the FIU, the exchange operated unlawfully in India without proper registration and neglected to follow local AML protocols, resulting in the ban action.
Earlier this month, the Indian Directorate General of GST Intelligence (DGGI) asked Binance to make a tax settlement of $86 million for serving local users without proper registration while avoiding tax payment between July 2017 and March 2024.
While Binance beamed with enthusiasm over the regulatory approval in India, it is unclear whether or not the exchange made the $86 million settlement to the DGGI.