Binance has rejoined the Indian crypto landscape after a protracted ban in the Asian country. Earlier this year, the Indian regulator, the Financial Intelligence Unit (FIU), inactivated several exchanges' websites, Android and iOS mobile apps that failed to register with the regulatory agency. Interestingly, the enforcement action included Binance.
For context, the FIU stipulated that any crypto exchange looking to operate in India must register as a reporting entity. The rule represents a legal requirement mirroring the Anti-Money Laundering / Combating the Financing of Terrorism (AML/CFT) laws adopted by most crypto industries globally.
Overview of Binance’s Indian Market Reentry
Binance has a long record of contentions with regional securities regulators over non-compliance. Additionally, the exchange's continued market operations without the necessary licensing underscores the trading platform’s position as a renowned defaulter.
However, with recent overhauls, particularly the appointment of Richard Teng as the exchange's new Chief Executive Officer, Binance has made efforts to acquire the necessary approvals and reenter crypto markets from which it exited in the past, India's being the most recent.
In a post on X, the exchange made the celebratory announcement of the renewed registration and resumption of its service delivery to Indian users while stating that the feat was a "regulatory milestone."
"Binance goes live in India. Binance is now registered as a reporting entity with India's Financial Intelligence Unit, marking our 19th global regulatory milestone! Our website and app are now fully available for Indian users," said Binance in the post.
Binance India Market Reentry Implications
Following registration with the FIU, the Binance mobile app is now available to download on India's Apple App Store and Google Play Store. The exchange's users in India also have full access to the Binance website.
Resolving this issue with the Indian regulator is a significant landmark for Binance as it pursues its goal of continued market dominance. Meanwhile, the exchange continues in its efforts to resolve outstanding issues with regulators in other countries.