Binance Returns To India Market, After Getting Green Light From Regulators

The world's largest crypto exchange, Binance. (Photo; Doc. Coinfomania)

JAKARTA - After facing various problems related to regulations, Binance has now reaffirmed its presence in the Indian market. On August 15, Binance announced that it had registered as a reporting entity at the Financial Intelligence Unit of India (FIU-IND).

This move allows Binance to offer its products and services legally to users in India, in accordance with applicable local regulations. This decision came after Binance left India's market seven months ago due to pressure from local financial authorities.

Earlier this year, Binance, along with nine other crypto exchanges such as Kraken, KuCoin, and Huobi Global, were forced to halt operations in India by the country's financial regulators.

The closure was caused by the failure of the exchanges in complying with the anti-money laundering (AML) protocol that must be implemented by foreign crypto companies operating in India. As part of this crackdown, the Indian government blocks access to websites and mobile apps of these companies to prevent users from accessing their platforms.

In June, Binance was fined around INR 188.2 million (around $2.25 million or Rp36 billion) by FIU for violating AML rules in India. Despite facing this challenge, Binance did not just give up.

The company then submitted an application to become a Virtual Asset Service Provider (VASP) in India. However, after a review, the authorities decided that Binance had not met the requirements to obtain the license in India.

However, Binance remains steadfast in its intention to return to the Indian market. By registering as a reporting entity, Binance is now ready to restart its operations in the country.