Was Blocked, Now Binance Is Back In Operation In India

Binance is back in operation in India (Photo; Doc. Binance)

JAKARTA - After being suspended for seven months due to compliance with local regulations, Binance is now officially continuing its operations in India. This announcement marks an important step for Binance to strengthen its position in the Indian market, known as one of the largest crypto adoption centers in the world. Binance's return to the Indian market is expected to have a positive impact on the crypto ecosystem in the country, as well as increase user confidence in this platform.

Binance was previously blocked by Indian authorities in December last year for failing to register with the Financial Intelligence Unit (FIU), the agency responsible for monitoring suspicious financial activities. Apart from Binance, eight other foreign crypto exchanges also suffered a similar fate. However, in March, the Indian government tightened the rules by requiring crypto exchanges to comply with anti-money laundering (AML) regulations and register with FIU.

Now, Binance has succeeded in meeting these requirements and is listed as a reporting entity in FIU. Richard Teng, CEO of Binance, stated that this registration is an important milestone in Binance's journey in India.

Quoted from DL News, Teng said, "Our registration with FIU-IND marks a significant step forward for Binance. We recognize the vitality and potential of the Indian market, and the alignment with local regulations allows us to adapt our services to user needs in India."

The move affirms Binance's commitment to compliance with AML standards not only in India, but also in all jurisdictions where they operate.

According to a Chainalysis report in the 2023 Global Crypto Adoption Index, India is leading the world in terms of crypto adoption at the grassroots level. The country is ranked in the top five in transaction volume on centralized and decentralized exchanges, lending protocols, and smart token contracts, highlighting the dynamics and potential of the crypto market in India.

With the re-operation of Binance websites and applications in India, users now have full access to various services and tools tailored to meet their needs. Binance hopes that its updated presence in India will further encourage crypto adoption in the country, while strengthening its position in the global market.