Binance registers as a reporting entity with India's Financial Intelligence Unit

As Binance navigates this dynamic environment, the company is not only complying with local registration requirements but also bringing its world-class compliance program to India.

Binance, one of the world’s leading cryptocurrency exchanges, has successfully registered as a reporting entity with India’s Financial Intelligence Unit (FIU), marking a significant regulatory milestone for the company. This achievement represents Binance's 19th global regulatory milestone, reinforcing its commitment to maintaining the highest standards of compliance with anti-money laundering (AML) regulations in India and other jurisdictions where it operates.

Commitment to Compliance:

The registration with FIU-IND highlights Binance’s dedication to fostering a secure, transparent, and efficient ecosystem. This move aligns with the company’s global compliance standards and strengthens its efforts to combat money laundering and the financing of terrorism (CFT). Binance’s CEO, Richard Teng, emphasized the importance of this development, stating, “Our registration with the FIU-IND marks an important milestone in Binance’s journey. Recognizing the vitality and potential of the Indian Virtual Digital Assets (VDA) market, this alignment with Indian regulations allows us to tailor our services to the needs of Indian users. It is a privilege to extend the reach of our cutting-edge platform to this thriving market, supporting India’s continued VDA evolution.”

India: A Thriving Crypto Market:

India's prominence in the global cryptocurrency landscape is well-recognized, with the country leading in grassroots crypto adoption according to Chainalysis’ 2023 Global Crypto Adoption Index. India ranks among the top five countries by estimated transaction volume across centralized and decentralized exchanges, lending protocols, and token smart contracts, showcasing the vibrancy and potential of its market.

As Binance navigates this dynamic environment, the company is not only complying with local registration requirements but also bringing its world-class compliance program to India. This program includes robust AML policies, a comprehensive framework for CFT, and stringent identity verification processes (KYC). These efforts are expected to significantly contribute to the local ecosystem and elevate market standards, ensuring stronger protections for users in the Indian VDA industry.

Excellence in Compliance:

Key components of Binance's compliance program include an industry-leading Financial Crimes Compliance (FCC) unit, designed to assist law enforcement in investigating crypto-related crimes and enhancing security through capacity-building initiatives. Richard 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."

As Binance continues to expand its presence in the burgeoning Indian market, the company aims to operate based on principles of compliance, user security, and responsible growth, while contributing to the global evolution of digital assets.