Binance Resumes Operations in India After 7 Months Ban

Binance, a major crypto exchange, has reappeared on India's Google Play Store and Apple's App Store after a seven-month ban for failing to comply with local regulations.

On August 15, Binance again made its website and apps available to Indian crypto investors. The re-entry follows Binance’s registration as a reporting entity with India’s Financial Intelligence Unit (FIU-IND), fulfilling a legal requirement for all crypto exchanges operating in India to combat money laundering.

Earlier in January, FIU-IND blocked Binance and eight other exchanges for failing to register with law enforcement. Although Binance registered with the Indian government, the company has not confirmed whether it has paid the $2.25 million fine previously imposed for non-compliance.

Binance’s CEO, Richard Teng, stressed the importance of complying with Indian regulations, highlighting India as a key market with high transaction volumes.

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This listing marks Binance’s 19th global regulatory milestone, reaffirming its commitment to adhering to strict regulations and fostering a secure environment in the Indian crypto market.

#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.

Read more 👇https://t.co/samyDmwwut

— Binance (@binance) August 15, 2024

Alexander Stefanov