Crypto exchange Binance has made a comeback on India’s Google Play Store and Apple App Store after a seven-month absence due to noncompliance with local regulations.
On August 15, Binance’s website and Android and iOS apps became accessible to crypto investors in India once again. Binance confirmed to Cointelegraph that it has now registered as a reporting entity with India’s Financial Intelligence Unit (FIU-IND), a legal requirement for all crypto exchanges operating in India to combat money laundering.
India had previously banned Binance for failing to comply with these regulations. The FIU-IND, a government agency focused on financial intelligence and combating financial offenses, had blocked the URLs and mobile apps of Binance and eight other crypto exchanges in January for not registering with law enforcement.
In April, an unconfirmed report suggested that Binance intended to pay a $2.25 million fine imposed by the FIU for noncompliance as part of its plan to reenter the Indian market. While Binance has now registered with the Indian authorities, it did not confirm whether it paid the previously reported fine.
Commenting on Binance’s return to India, Binance CEO Richard Teng stated, “Recognizing the vitality and potential of the Indian virtual digital asset market, this alignment with Indian regulations allows us to tailor our services for Indian users.”
Binance announced that its registration with Indian authorities marks its “19th global regulatory milestone,” noting that India is among the top five countries by estimated transaction volume across all crypto ecosystems.
By registering with the Indian government, Binance will implement Anti-Money Laundering (AML) policies and a framework for Combating the Financing of Terrorism (CFT) in the Indian market. Teng added, “Our commitment to stringent regulation forms a fundamental part of our business strategy. It’s about fostering a secure, transparent, and efficient environment.”
Before its reentry into India, Binance obtained a crypto license in Dubai in April. The exchange secured its virtual asset service provider (VASP) license after co-founder Changpeng Zhao relinquished his voting power in the exchange’s local entity, according to a Bloomberg report.
